Bitcoin (BTC) prices surged above $62,000 for the first time in September following the Federal Reserve’s first rate cut on Wednesday, sparking a sustained recovery in altcoins, with leading meme coin Dogecoin (DOGE) already signaling a possible bull run in the short term.

The large memecoin, which has a fully diluted valuation of about $15 billion and average daily trading volume of about $706 million, is up nearly 3% in the past 24 hours and hovered above 10 cents Thursday.

Dogecoin network activity continues to increase

It’s safe to say now that Dogecoin supporters are waiting for the upcoming integration with the Elon Musk-backed X Platform for its upcoming payment features. Musk has revealed that Dogecoin will soon be used to pay for Tesla and Starlink merchandise, which will be a major boost to the dog-themed meme coin.

According to on-chain data analysis provided by IntoTheBlock, the Dogecoin network processed more than 1.93 million transactions last week, the highest level since July. As a result, the proof-of-work (PoW)-secured blockchain has processed more than 350 million transactions since its inception.

Additionally, the Dogecoin network has over 7.4 million on-chain holders.

Where DOGE price is headed next

The price of Dogecoin has been forming a fractal pattern similar to previous major bull cycles. On the weekly chart, the price of Dogecoin against the US dollar has been retesting the 100 SMA as a strong support level, which could lead to a major bull run in the future.

Despite a death cross between the 50 and 200 moving averages (MA) on the daily timeframe, DOGE price has formed a reversal pattern. Moreover, the altcoin has established strong support around $0.094, and a potential triple bottom coupled with a rising divergence on the relative strength index (RSI) portends significant volatility in the near term.