Dogecoin’s Transaction Jump Hints at Bullish Momentum

Dogecoin Network Activity Soars, Signaling Renewed Interest

Dogecoin (DOGE), the popular memecoin inspired by Shiba Inus, has witnessed a notable increase in network activity. Data reveals that Dogecoin transactions surpassed 1.93 million within the past week, eclipsing other prominent tokens such as Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE).

This surge marks Dogecoin's highest weekly transaction volume since early July, indicating renewed user engagement and trading activity. While current transaction levels remain below the February 2024 peak of over 10 million, the recent uptick suggests a potential revival.

However, futures bets on Dogecoin have remained relatively stable since late July. Open interest, representing unsettled futures contracts, has hovered around $500 million, according to CoinGlass.

While the surge in transactions may hint at growing adoption or increased trading activity, the market remains cautious. Significant new investments in DOGE have yet to materialize.