According to Coinbase data reviewed by Insider, DOGE trade volume has increased by 1,250% in the second quarter of the year on the world’s biggest cryptocurrency exchanges. DOGE Trade Volume Increase 1,250% To Almost $1 Billion In The Second Quarter The average trading volume for dogecoin increased from $74 million per day in the first quarter to $995 million per day in the second quarter, as exchanges such as Coinbase, eToro, and Gemini adopted the currency amid brisk demand. According to Coinbase’s Q2 market barometer, ether trading volumes on worldwide exchanges increased 53 percent quarter on quarter to an average of $3.25 billion per day. Meanwhile, Bitcoin’s daily volume dropped 14% to $4.01 billion. Cryptocurrency prices reached all-time highs in the second quarter before plummeting significantly as China tightened down on bitcoin “mining” and Elon Musk turned against the largest cryptocurrency due to its high energy consumption. Dogecoin began the year valued at approximately $0.004, but in May it rose more than 15,000% to around $0.70. On Friday, it dropped to approximately $0.18. Bitcoin plummeted from a record high of $65,000 in April to about $32,000 on Friday. Despite the price drop, the period may still have been beneficial for crypto exchanges. Despite Turbulent Markets, Overall Worldwide Trade Volumes Increased 32% To $18.82 Billion Per Day On Average Overall worldwide trading volumes increased by 32% to an average of $18.82 billion per day in the second quarter, driven by a 44% increase in Asian volumes to $8.98 billion per day. Coinbase’s numbers include crypto-fiat transactions but not crypto-crypto transactions. Goldman Sachs analysts warned in a note last week that “substantially heightened crypto asset volatility” may benefit Coinbase’s second-quarter profitability by increasing trading volumes and fees. In the first quarter, transactions accounted for little under 90% of Coinbase’s revenue. Nonetheless, according to a study from CryptoCompare, trading volumes at the largest cryptocurrency exchanges plummeted 43% in June as prices stabilized at a lower level and volatility decreased.
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