The Dogecoin seems to have finally broken free from its long-term slump, rising 10% in the past 48 hours. The long-awaited news for Dogecoin holders has allowed them to witness a turnaround for the cryptocurrency, which has been on a downward trend recently. According to blockchain data, Dogecoin’s trading volume has surged to $1 billion, with over 100,000 transactions.
IntoTheBlock data shows a 37.1% surge in large transactions, reaching $1 billion, and an 8% increase in daily addresses. The number of transactions over $100,000 has increased from 129 on June 23 to 316 on June 24. Additionally, the total exchange inflow has doubled from $11.6 million to $24 million.
Despite increased trading activity, Dogecoin (DOGE) had declined by over 20% since early May. Today’s surge comes as a surprise, and the reason is still unclear. Dogecoin (DOGE) had experienced explosive growth following Bitcoin’s (BTC) surge in early March. As BTC reached a historic high, Dogecoin (DOGE) entered the top 10 cryptocurrencies by market value. However, like other cryptocurrencies, it experienced a decline due to the overall market downturn.
Will Dogecoin regain popularity with the rise of BTC and the approval of an Ethereum ETF? Many investors feel that the popularity of meme coins, including Dogecoin, PEPE, and Shiba Inu, has started to wane over the past month. The hype around Bitcoin has also cooled off since the launch of ETFs in recent weeks, which has not helped Dogecoin and other assets. Generally, the performance of BTC, whether positive or negative, can impact other major currencies in the market. As BTC dropped below $64,000, Dogecoin and other assets followed suit.
BTC has seen a slight 2% increase in the past 24 hours, trading slightly above $62,000. This may have also triggered a small rebound for DOGE. However, both assets remain in a volatile state. The potential approval of a spot Ethereum ETF may help Bitcoin rebound in a healthy competition, which could also bring meme coins like DOGE back into the spotlight.
