DOGE Bullish Revival: Dogecoin Sees Rapid Surge in Network Activity

Dogecoin (DOGE), the largest and pioneering memecoin, is showing signs of bullish momentum with renewed network activity. 

Recent data from Dogecoin explorer reveals that Dogecoin processed over 1.93 million transactions in the past week, outpacing other popular memecoins such as Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE). This surge marks the highest weekly transaction count for DOGE since early July.

Although these figures are still significantly lower than the February peak, when weekly transactions exceeded 10 million, the recent uptick signals a potential revival in network activity. This could point to growing user interest, adoption, or increased trading, which may eventually lead to higher DOGE prices.

Despite the encouraging transaction data, futures bets on Dogecoin have remained relatively stable. Since late July, open interest in DOGE futures has hovered around $500 million, according to CoinGlass, reflecting a flat market with no significant inflow of new capital during the holiday period.

While this resurgence in network transactions indicates growing momentum for Dogecoin, it remains to be seen whether this trend will translate into long-term bullish price movements.