Dogecoin trading volumes shot up 1,250% in the 2nd quarter to almost $1 billion a day as big exchanges cashed in

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Trading volumes soared 1,250% in the second quarter of the year on the world’s major cryptocurrency exchanges, according to figures compiled by and seen by Insider. The average trading volume for dogecoin shot up to $995 million per day in the April to June period, from just $74 million a day in the first quarter, as exchanges such as Coinbase, eToro and Gemini added the token amid booming interest. Coinbase’s Q2 market barometer showed that trading volumes rose 53% quarter-on-quarter to an average of $3.25 billion a day on global exchanges.

Meanwhile, bitcoin’s daily volumes fell 14% to $4.01 billion. Cryptocurrency prices hit record highs in the second quarter before falling sharply as on bitcoin “mining” and Elon Musk turned against the biggest cryptocurrency . Dogecoin started the year at around $0.004 but soared more than 15,000% to above $0.70 in May. It has since slid to around $0.18 on Friday. Bitcoin fell from a record high of $65,000 in April to Friday’s price of around $32,000. However, the period may still have been a profitable time for crypto exchanges, despite the plunge in prices. Overall global trading volumes rose 32% to an average of $18.82 billion a day in more...