Amid an underwhelming price action, canine-themed meme coin Dogecoin (DOGE) is now seeing a rise in one of its key metrics.
On-chain data indicates that the Dogecoin network has witnessed consistently high usage in recent days as the coin processed nearly 2 million transactions— its highest weekly transaction count since early July. This uptick in Dogecoin transactions sometimes precedes major price movements.
The big question now is, is a huge DOGE price breakout in the offing?
Dogecoin Usage Explodes
As per data provided by blockchain intelligence platform IntoTheBlock, Dogecoin processed 1.93 million transactions during the past week alone. This figure marks the highest weekly transaction count since July.
While the 1.93 million is still lower than the February peak, the heightened activity suggests growing interest and activity within the Dogecoin network.
IntoTheBlock posited, “This uptick is a promising sign for the DOGE network.”
Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.Although still well below the February peak, this uptick is a promising sign for the $DOGE network. pic.twitter.com/9WfNMAaEZo
— IntoTheBlock (@intotheblock) September 17, 2024
A surge in transaction volume is particularly notable as it indicates more users are engaging with the Dogecoin protocol as the leading meme coin continues to maintain its position on the market.
Dogecoin Mirrors Fractal From 2021
Meanwhile, favorable technicals are starting to surface for Dogecoin.
Renowned investor Ted noted that the crypto token is currently painting a bullish fractal setup, initially observed in 2021. From a technical perspective, a market fractal is a historically repetitive pattern that enables traders to determine trend reversals in the charts.
$DOGE pump always triggers an Altseason This happened in 2020-21 and also happened in Q4 2023. Right now, $DOGE is forming a similar fractal as of 2021. If the DOGE starts to pump, get ready for a face melting #Altseason pic.twitter.com/FhXyTmm4rt
— Ted (@TedPillows) September 16, 2024
The pattern suggests DOGE could be primed for a renewed rally after a tumultuous period, which, according to Ted, would usher in a “face-melting all season.” Per the analyst, a parabolic DOGE upsurge has typically set off an altcoin season, as seen in 2020-2021, as well as in Q4 2023.
Dogecoin is down by 0.9% as of publication time, changing hands for $0.1017.
