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Dogecoin (DOGE), the memecoin known for its Shiba Inu mascot, has witnessed a significant increase in network activity.
Over the past week, transactions surpassed 1.93 million, according to data from IntoTheBlock, positioning DOGE above other popular tokens such as Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE).
[INTOTHEBLOCK] Dogecoin Hits Highest Weekly Transaction Count Since Early July With 1.93 Million Transactions $DOGE
This resurgence of interest marks the highest level of activity since early July and hints at renewed interest in the token.
While the increase is notable, transaction volumes remain below the year’s peak levels.
Latest happening in Dogecoin: what you need to know
Dogecoin’s latest spike in transaction volume suggests that the token is attracting renewed attention.
The 1.93 million transactions recorded in the past week represent the highest since July, highlighting DOGE’s position as a frontrunner in the memecoin space.
Despite this surge, 2024’s peak for Dogecoin transactions remains in February when weekly numbers hit an impressive 10 million.
This recent activity, although not at peak levels, still indicates increased user engagement.
Dogecoin outpaces rivals with record-breaking network transactions
Compared to other memecoins, Dogecoin has consistently maintained a higher transaction count, with its recent 1.93 million weekly transactions outpacing rivals like SHIB, FLOKI, and PEPE.
The memecoin’s sustained network activity demonstrates that it continues to hold its ground in the broader cryptocurrency market, particularly in the memecoin sector.
Despite its fluctuations, DOGE’s market capitalisation and volume often surpass those of similar projects, reflecting its stronger user base and recognition.
Dogecoin futures market remains steady
Despite the recent uptick in network activity, DOGE futures have remained largely stable. Since late July, open interest in Dogecoin futures has hovered around the $500 million mark, according to CoinGlass data.
This indicates that while the token has seen increased user engagement and transaction activity, it has not yet attracted a significant inflow of new capital into the futures market.
The memecoin’s futures market has shown little movement, particularly amid the holiday period and a generally flat market.
Dogecoin’s February peak
The current transaction volume, while substantial, remains far below the February peak of 2024.
At that time, Dogecoin saw weekly transactions soar above 10 million, a level yet to be matched in the months following.
Despite this, the recent increase in activity signals a potential return to growth for the token as more users engage with the network, although sustained increases will be needed to rival past highs.
Dogecoin’s adoption signals potential price movement
Dogecoin’s recent increase in transaction volume may point to growing adoption, which could lead to future price increases.
While the token has remained relatively flat in terms of futures market movement, the increased activity suggests renewed interest among traders and holders alike.
As the broader cryptocurrency market continues to evolve, Dogecoin’s consistent performance in terms of transactions positions it as a potential winner in the memecoin space.
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