Dogecoin (DOGE), the largest memecoin by market value, left other memecoins behind in terms of network activity and gave a bullish signal at the blockchain level.
Over 1.93 million transactions occurred on the Dogecoin network last week. According to IntoTheBlock, this number surpasses other memecoins such as Shiba Inu (SHIB), floki (FLOKI), and pepe (PEPE).
This means that DOGE has reached its highest weekly transaction count since early July. Dogecoin has consistently had more transaction volume than other memecoins.
However, Dogecoin’s trading volume is still below its 2024 peak. In February, the number of weekly transactions peaked at over 10 million. This increase in transactions may indicate a resurgence of user interest and greater adoption of Dogecoin.
Will the Dogecoin market become active again?
This could also signal increased trading activity in the market, potentially sending the price higher.
But for now, Dogecoin futures positions have been flat since late July. According to CoinGlass data, open interest in the futures market is around $500 million, suggesting that new money is not entering the Dogecoin market.
Stay tuned for new information.
