Dogecoin appears to have finally broken out of its long slump, rising 10% in the past 48 hours. The long-awaited news for Dogecoin holders has seen the coin fall recently. According to blockchain data, Dogecoin's trading volume soared to $1 billion, and the trading volume also exceeded $100,0000.

IntoTheBlock data shows that large transaction volume surged 37.1% to $1 billion, and the number of daily addresses increased by 8%. Transactions above $100,000 increased from 129 on June 23 to 316 on June 24. In addition, total exchange inflows doubled from $11.6 million to $24 million.

Previously, Dogecoin (DOGE) had fallen more than 20% since the beginning of May despite an increase in trading activity. Today's surge was unexpected and the reason is unclear. Dogecoin (DOGE) saw an explosive breakout in early March, following the rise of Bitcoin (BTC). At the same time as BTC hit a new all-time high, Dogecoin (DOGE) entered the ranks of the top 10 cryptocurrencies by market capitalization. However, for a period of time, Dogecoin assets fell back like other cryptocurrencies due to the overall market downturn.

Will Dogecoin become popular again as BTC rises and Ethereum ETF is approved?

Many investors feel that meme coins including Dogecoin, PEPE, and Shiba Inu have begun to lose popularity over the past month. Bitcoin’s popularity has begun to cool since the launch of the ETF in the past few weeks, which has not helped Dogecoin and other assets. Typically, BTC’s positive or negative performance affects other major currencies in the market. As Bitcoin fell below $64,000, Dogecoin and other assets fell with it.

BTC has risen slightly by 2% in the past 24 hours, trading just above $62,000. This may have also triggered a small rebound in DOGE. However, both assets are in a precarious position. Perhaps the upcoming approval of a spot Ethereum ETF can allow Bitcoin to rebound in healthy competition. This competition may help put meme coins such as DOGE back in the spotlight.