Dogecoin Records Massive Trading Volume in Second Quarter 2021

Dogecoin Records Massive Trading Volume in Second Quarter 2021

Trading volume for Dogecoin (DOGE) grew by 13 fold in the second quarter of 2021, almost recording $1 billion in daily trading volume.

According to a report by Coinbase reported by Business Insider, the DOGE trading volume spiked by over 1,250% between April and June, with an average of $995 million worth of coins exchanging hands daily. For context, the average trading volume for Dogecoin in Q1 was a measly $74 million on average.

DOGE began the year at $0.004 and recorded the start of its ascent in early February, following a 50% jump in prices when billionaire CEO Elon Musk started campaigning for the meme-coin on Twitter. A massive bull run followed after Musk’s campaigns and culminated in a massive 18,000% price growth since the start of the year.

While many crypto community members have attributed the meteoric rise seen in Dogecoin to Musk’s Twitter-shilling, Business Insider asserts that the cryptocurrency’s thrilling performance would not have occurred without the increased listing of DOGE on top exchanges seen in Q2.

According to the Coinbase report, Q2 also saw global cryptocurrency trading volume spike by 32% overall, recording a daily average of $19 billion. The report also revealed that DOGE accounted for over 5% of the combined crypto volume in Q2.

Key Dogecoin Levels to Watch — July 19

Dogecoin remains under intense bearish pressure under the critical $0.2000 resistance as the crypto market remains in a sideways momentum. The eighth-largest cryptocurrency moved above the $0.2000 resistance following an Elon Musk-induced bullish breakout but got immediately rejected by bears and the 50 SMA.

DOGEUSD – 4-Hour Chart

DOGE needs a break above the $0.2000 level to reestablish a modest bullish momentum. The coming hours and days would be very crucial for the cryptocurrency and the crypto market at large.

Meanwhile, our resistance levels are $0.2000, $0.2250, and $0.2500, and our support levels are $0.1650, $0.1500, and $0.1400.

Total Market Capitalization: $1.29 trillion

Dogecoin Market Capitalization: $23.4 billion

Dogecoin Dominance: 1.8%

Market Rank: #8

 

You can purchase crypto coins here: Buy Tokens

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.