The famously known meme-coin (DOGE) trading volumes shot up 1250% close to $1 billion in the Q2, 2021. This remarkable score is recorded in the world’s top cryptocurrency exchange, Coinbase. Dogecoin is so popular in the crypto industry with numerous investors and as an additional asset it is the favorite coin for Tesla CEO, Elon Musk. Mostly, Musk’s tweet has super power on the price value of Dogecoin.
DOGE in Crypto market
Moreover, the average daily volume of Dogecoin in the first quarter is just $74 million a day. Then the value of the meme coin skyrockets up-to $995 million per day in the April to June time-period. Notably, the overall global trading volumes of DOGE rose up-to $18.82 billion per day amid volatile markets. But at the same time high volatility is always risky for crypto crashes due to huge trading volumes.
Significantly, Dogecoin market price was $0.004 at the start of the year 2021. Then gradually the price went 50% high due to the tweet of Musk regarding the dogecoin. In February, the researchers were curious to find out the moves of Musk on cryptocurrency prices. In the methodology, the researchers found six twitter events from 2020 and 2021 which reflected more on the trading volume of DOGE.
Thus, some celebrities have superior power on affecting the price surges of the cryptocurrencies. For instance, the SNL night on May 8th, 2021 raised the Shiba Inu-themed coin to reach its ATH to $0.731. Also, after a lot of shouts from Musk, DOGE market value decreased 75% after its all-time high of $0.181.
Dogecoin Remains competitive
Besides many controversies and arguments from crypto proponents, Elon Musk and investors the performance of Dogecoin remains high. It is competing with the top and famous digital currencies Bitcoin and Ether. Moreover, Ethereum is moving forward on an average volume of 53% per day on global exchanges. Whereas, bitcoin is dipping down 14% from its price value in the crypto market. Thus, Ethereum is surpassing Bitcoin in the crypto market. Importantly, the main reasons for bitcoin’s fall is China’s crackdown on bitcoin mining and Musk removing the bitcoin payments for Tesla products.
Additionally, world’s top crypto exchanges listed Dogecoin on their platforms during this second quarter of the year. Doge is now available in Gemini and eToro from May, and Coinbase in June. More so, Coinbase reveals the overall cryptocurrency trading volumes which shows 32% increase worth $19 billion on daily crypto transactions. Thus, this data covers more than 5% of transactions with a combination of DOGE during the Q2.
According to CoinMarketCap, Dogecoin price is $0.176853 USD at the time of writing. More so, these digital currencies play a vital role in all industries and businesses at present. Therefore its prices hit record highs before the year end.
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