According to U.Today, Dogecoin (DOGE) has seen a significant rise in network activity, coinciding with a 14% price increase. At the time of writing, DOGE was up 14% in the last 24 hours, trading at $0.095. During this period, large transaction volumes have surged by 119%, reaching 16.5 billion DOGE, as per data from IntoTheBlock. Large Transaction Volume estimates the total amount transacted by whales and institutional players on a given day, indicating increased activity among these groups, either buying or selling.

Additionally, total fees on the Dogecoin network have also seen a notable increase. Fees rose from 20,340 DOGE to 28,470 DOGE, reflecting growing demand for network transactions. Typically, rising fees indicate that a large number of users want to transact, and as demand grows, users are willing to pay higher fees to complete their transactions. The number of active addresses has also increased, rising from 40,420 to 51,320 in the last 24 hours. This growth suggests broader participation in the Dogecoin network, with more users engaging in transactions and other activities.

On Tuesday, cryptocurrencies recovered some of the previous day’s losses as markets broadly bounced back. Cryptocurrencies fell on Monday amid a global market sell-off triggered by recession fears. These moves reflect a broader market sell-off that began last week when a weaker-than-expected July jobs report fueled investor concerns about a recession. Dogecoin sharply plunged, reaching lows of $0.08, last seen in February this year. It marked a 10-day losing streak after reaching a high of $0.1388 on July 27. On the upside, a decisive break above the daily moving averages of 50 and 200 might allow Dogecoin to escape the current consolidation range it has been in since mid-April. In the meantime, consolidation appears more likely as Dogecoin bulls regain strength to make the next major advance.