According to recent blockchain data, Dogecoin’s trading volume has skyrocketed to $1 billion along with an increase in transactions larger than $100,000.
IntoTheBlock data shows large transaction volume jumped 37.1% to $1 billion, while daily addresses increased 8%. Transactions larger than $100,000 increased from 129 transactions on June 23 to 316 transactions on June 24. Furthermore, total inflows to the exchange doubled from $11.6 million to $24 million.
DOGE has previously fallen more than 20% since early May, despite increased trading activity. Today’s spike was unexpected and the cause remains unclear.
Many investors feel like meme coins have started to lose popularity over the past month, including the likes of DOGE, PEPE, and Shiba Inu. Bitcoin’s cooling since the ETF launch hasn’t helped Dogecoin and other meme coins either.
Usually, the positive or negative performance of BTC will affect other major coins in the market. With Bitcoin falling below $62,000, DOGE and other assets followed suit.
BTC has had a slight decline over the past 24 hours, trading just over $61,000. The gloom covering the market makes most currencies unstable.
Perhaps the upcoming approval of the Ethereum ETF can cause Bitcoin as well as DOGE to recover with healthy competition. This competition could help bring meme coins like DOGE, SHIB… back into the limelight.
See also: Toncoin gains approval to trade in Kazakhstan
