Dogecoin’s Transaction Jump Hints at Bullish Momentum

Dogecoin (DOGE), the popular memecoin inspired by Shiba Inus, is experiencing a notable increase in network activity. According to data, Dogecoin transactions exceeded 1.93 million in the past week, surpassing other well-known tokens like Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE).

This uptick marks the highest weekly transaction volume for Dogecoin since early July, signaling renewed interest and usage of the coin. Although current transaction levels are still below the peak observed in February 2024—when weekly transactions soared above 10 million—the recent increase suggests a potential revival in user engagement and trading activity.

Despite this positive development, futures bets on Dogecoin have remained relatively stable since late July. Open interest, which represents the number of unsettled futures contracts, has been steady at around $500 million, as noted by CoinGlass. 

The recent surge in transactions could hint at growing adoption or increased trading activity, which might eventually lead to higher prices for Dogecoin. For now, however, the market remains cautious with no significant new money entering the DOGE scene.

Also Read: BTC touches 60k after seeing $186M Inflow in Bitcoin ETF