Dogecoin Transaction Surge Signals Bullish Sentiment

Dogecoin (DOGE) network transactions crossed over 1.93 million in the past week, according to IntoTheBlock data, beating other popular memecoins like Shiba Inu, Floki, and Pepe. This marks the highest weekly transaction count for DOGE since early July, indicating a resurgence of interest and usage of the cryptocurrency.

Dogecoin Maintains Higher Transactions Than Memecoins

The data shows Dogecoin has consistently maintained a higher number of transactions than other memecoins. However, the current transaction volume remains below peak levels observed in February 2024, which saw weekly transactions soaring above 10 million.

Spike in Transactions Suggests Potential Adoption and Trading Surge

The spike in transactions suggests a potential revival of user engagement and could be indicative of growing adoption or increased trading activity, which could potentially lead to higher prices for Dogecoin. However, futures bets on DOGE have remained largely steady since late July amid a holiday period and a generally flat market.

Source: https://www.coindesk.com/markets/2024/09/19/dogecoin-records-bump-in-transaction-activity-points-to-bullishness-for-doge/

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