A notable increase in network activity could bode well for bullish sentiment surrounding Dogecoin (DOGE), the leading memecoin by market capitalization. Recent data from IntoTheBlock reveals that network transactions for Dogecoin exceeded 1.93 million in the past week, surpassing other popular tokens like Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE).
This surge represents the highest weekly transaction volume for Dogecoin since early July, signaling a resurgence in interest and usage. Notably, Dogecoin has consistently outperformed other memecoins in transaction numbers.
However, it’s important to note that current transaction volumes remain below peak levels observed in February 2024, when weekly transactions exceeded 10 million.
The recent spike in transactions suggests a potential revival in user engagement, which could indicate growing adoption or increased trading activity, potentially driving prices higher.
Despite this uptick in activity, futures betting on DOGE has remained relatively stable since late July. Open interest, which reflects the number of unsettled futures contracts, has been around $500 million, according to CoinGlass data, suggesting that new investments have yet to enter the Dogecoin market.
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