Dogecoin appears to have finally broken out of its extended slump, rallying 10% over the last 48 hours. The news is long awaited by DOGE holders, who have watched DOGE slide further and further down recently. Dogecoin’s large transaction volume spiked to $1 billion alongside a rise in transactions greater than $100,0000, according to blockchain data.
IntoTheBlock data revealed a large transaction volume spiking 37.1% to $1 billion, while daily addresses increased by 8%. Transactions greater than $100,000 increased from 129 transactions on June 23 to 316 on June 24. Furthermore, total exchange inflows doubled from $11.6 million to $24 million.
Previously, DOGE has been down over 20% since the beginning of May, despite an increase in trading activity. The surge today has been unexpected, and the cause of it remains unclear. Dogecoin (DOGE) had an explosive breakout in early March following on the heels of Bitcoin’s (BTC) rally. While BTC hit a new all-time high, DOGE entered the top 10 cryptocurrencies by market cap. However, for some time the DOGE asset slipped back down, as well as other cryptocurrencies, in an overall market downturn.
Also Read: Meme Coins Like Shiba Inu, Dogecoin Record Dip in Dominance
Dogecoin To Regain Hype Following BTC Rise, Ether ETF Approval?
Many investors feel like meme coins have started to cool off in popularity over the past month, including the likes of DOGE, PEPE, and Shiba Inu. The cool-off of Bitcoin since its ETF launch over the past few weeks hasn’t helped Dogecoin and other assets either. Typically, the positive or negative performance of BTC affects other big coins on the market. With Bitcoin on a decline to below $64,000, DOGE and other assets followed suit.
BTC had a minor uptick in the last 24 hours by 2%, trading just over $62,000. This could’ve sparked a slight rebound for DOGE as well. However, both assets are teetering on unstable ground. Perhaps the upcoming approval of Spot Ethereum ETFs can cause Bitcoin to rebound with healthy competition. This competition could help pump meme coins like DOGE back into the limelight.