- Dogecoin’s trading volumes rose 1,250% to nearly $ 1 billion in the second quarter, the data showed.
- Overall, global trading volumes increased 32% to an average of $ 18.82 billion per day in volatile markets.
- High volatility benefits exchanges, but there are signs that the crypto crash is weighing on volumes.
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Dogecoin’s trading volumes soared 1,250% in the second quarter of the year on the world’s major cryptocurrency exchanges, according to figures compiled by Coinbase and viewed by Insider.
Average trading volume for dogecoin reached $ 995 million per day from April to June, down from just $ 74 million per day in the first quarter, as exchanges such as Coinbase, eToro and Gemini added the token in the middle. of booming interest.
Coinbase’s second-quarter market barometer showed ether trading volumes increased 53% quarter-over-quarter to an average of $ 3.25 billion per day on global exchanges . Meanwhile, daily bitcoin volumes fell 14% to $ 4.01 billion.
Cryptocurrency prices hit record highs in the second quarter before falling sharply as China cracked down on bitcoin ‘mining’ and Elon Musk turned to the largest cryptocurrency for its energy consumption.
Dogecoin started the year at around $ 0.004, but climbed over 15,000% to exceed $ 0.70 in May. It has since slipped to around $ 0.18 on Friday. Bitcoin went from a record high of $ 65,000 in April to Friday’s price of around $ 32,000.
Read more: 3 Catalysts That Could Send Doge To $ 1, Says ‘Dogecoin Millionaire’ Who Clings To Crypto Despite Recent Slump
However, the period may still have been a profitable period for crypto exchanges, despite the fall in prices.
Overall, global trade volumes increased 32% to an average of $ 18.82 billion per day in the second quarter, boosted by a 44% increase in volumes in Asia to 8.98 billion dollars per day. Coinbase figures cover crypto-fiat transactions, but not crypto-crypto transactions.
Goldman Sachs analysts last week said in a note that “dramatically high crypto asset volatility” could be good for Coinbase’s second-quarter earnings by increasing trading volumes and fees, first reported. Coindesk. Just under 90% of Coinbase’s revenue came from transactions in the first quarter.
Still, a report from CryptoCompare said trading volumes on the largest crypto exchanges fell 43% in June, with prices consolidating at a lower level and volatility declining.