Dogecoin Records Bump in Transaction Activity, Points to Bullishness for DOGE

Network transactions crossed over 1.93 million transactions in the past week, IntoTheBlock data shows, beating that of other popular tokens such as Shiba Inu

Network activity on Dogecoin (CRYPTO: DOGE) has surged in the past week, crossing 1.93 million transactions, according to IntoTheBlock data. This activity is significantly higher than that of other popular memecoins, such as Shiba Inu (CRYPTO: SHIB), floki (CRYPTO: FLOKI), pepe (CRYPTO: PEPE) and others.

The high transaction volume is positive news for those bullish on Dogecoin, as it indicates strong interest and usage of the cryptocurrency. Among memecoins, Dogecoin has consistently maintained the highest transaction volume, the data shows.

However, it's worth noting that the current transaction volume is still below peak levels observed earlier in 2024. In February, weekly transactions soared above 10 million.

A spike in transactions could suggest a potential revival of user engagement and may be indicative of growing adoption or increased trading activity, which could lead to higher prices.

Meanwhile, futures bets on DOGE have remained largely steady since late July, amid a holiday period and a generally flat market. Open interest — the number of unsettled futures bets — has hovered around the $500 million mark, according to CoinGlass data. This indicates that new money has not yet entered the Doge market.

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