Dogecoin (DOGE), the popular memecoin known for its Shiba Inu mascot, has witnessed a notable spike in network activity. Data shows that over the past week, Dogecoin transactions surpassed 1.93 million, overtaking other prominent tokens like Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE).
This marks Dogecoin’s highest weekly transaction volume since early July, pointing to a potential resurgence in interest and usage of the coin. While still below the February 2024 peak—when weekly transactions exceeded 10 million—the recent uptick suggests renewed user engagement and trading activity.
Despite this promising increase, futures positions on Dogecoin have remained steady. According to CoinGlass, open interest, which represents the total number of unsettled futures contracts, has hovered around $500 million since late July, indicating stable speculative activity.
The jump in transaction volume could signal increased adoption or heightened trading interest, which may lead to higher prices for Dogecoin in the near future. However, the market remains cautious, with no significant influx of new investment just yet.
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