While the crypto industry might have been in a bearish run in recent while, leading meme coin, Dogecoin, has posted quite an interesting figure in the second quarter of the year.
According to data from Coinbase, Dogecoin had a daily trading volume of almost $1 billion between April and June. This means the coin saw its number rise by 1250 percent as its trading volume during the first quarter was only $74 million.
At the beginning of the year, the coin was trading for only $0.004, however, around February, its value had increased exponentially as it leveraged on the promotional tweets of the self acclaimed “Dogefather” Elon Musk who repeatedly pumped the asset with various meme posts. Then, the value of the asset rose to its current ATH of $0.731 which is a gain of 18,000 percent.
Many crypto enthusiasts and analysts had attributed this leap to the works of Elon Musk but Business Insider believes that the listing of the asset on various crypto exchanges like Gemini, eToro and Coinbase in the second period of the year also played an influential role in helping the coin do the numbers.
Coinbase also posits that the general crypto industry had a positive second quarter has digital assets worth around $19 billion exchanged hands daily. This represents a 32 percent increase.
Coingecko also shares the same view that the crypto industry had a positive Q2. According to the analytic firm, “roughly $81 billion worth of digital assets were traded daily during Q2.”