Dogecoin’s business volume soared 1,250% in the second quarter of the year on the world’s major cryptocurrency exchanges, according to figures compiled by Coinbase.
Thus, the average trading volume of dogecoin shot up to USD 995 million a day in the period from April to June, compared to USD 74 million a day in the first quarter, as exchanges such as Coinbase, eToro and Gemini incorporated the token in the middle. of growing interest, reported the portal Business Insider.
In that sense, he indicated that Coinbase’s market barometer for the second quarter showed that ethereum trading volumes, for their part, increased by 53% compared to the previous quarter, reaching an average of USD 3,250 million per day in the world stock exchanges.
Dogecoin started the year at around $ 0.004, but soared more than 15,000% to surpass $ 0.70 in May.
Meanwhile, he added that daily bitcoin volumes fell 14% to $ 4.01 billion.
On another note, he noted that cryptocurrency prices hit all-time highs in the second quarter before falling sharply as China cracked down on bitcoin mining and Tesla founder, Elon Musk, was positioned against the largest cryptocurrency for its use of energy.
It should be remembered that Dogecoin started the year at around $ 0.004, but soared more than 15,000% to exceed $ 0.70 in May. Since then, it has fallen to about $ 0.18 last Friday. Bitcoin fell from an all-time high of $ 65,000 in April to Friday’s price of about $ 32,000.
Like all cryptocurrencies, Dogecoin is a digital currency that can be bought and sold as an investment, or spent as money.
However, this period may still have been a profitable time for crypto exchanges despite the price crash.
Global trading volumes increased 32% to an average of $ 18.82 billion a day in the second quarter. They did so driven by a 44% increase in volumes in Asia, reaching USD 8.98 billion a day. Coinbase’s figures cover fiat currency trading, but not cryptocurrency trading.
Like all cryptocurrencies, Dogecoin is a digital currency that can be bought and sold as an investment, or spent as money. Although each crypto is unique, it shares some similarities with its more well-known peers – its code is based on that of litecoin, for example. But it has a couple of key differences.
Although cryptocurrencies are gaining acceptance as a currency to buy goods, Dogecoin doesn’t have much use in the real world. It has some niche markets, such as tip currency for artists online.
Last week, Goldman Sachs analysts said in a note that “the significantly elevated volatility of crypto assets“Could be good for Coinbase’s second quarter earnings by boosting trading volumes and commissions, Coindesk reported. Slightly less than 90% of Coinbase’s revenue came from transactions in the first quarter.
However, a report from CryptoCompare says that trading volumes on major crypto exchanges fell 43% in June as prices consolidated lower and volatility fell.