Dogecoin (DOGE), the popular memecoin inspired by Shiba Inus, is experiencing a notable increase in network activity.
output: Dogecoin (CRYPTO: DOGE) transactions hit their highest levels in several months last week, surpassing several other memecoins and signaling a potential revival in user engagement and trading activity.
Here's a breakdown of the key takeaways:
Surging Transactions: Data shows that Dogecoin transactions exceeded 1.93 million in the past week. This marks the highest weekly transaction volume for DOGE since early July. In comparison, Shiba Inu (CRYPTO: SHIB) transactions clocked in at 1.23 million, while Floki (CRYPTO: FLOKI) and Pepe (CRYPTO: PEPE) transactions stood at 1.02 million and 310,000, respectively.
Relative Stagnation in Futures Bets: Despite the uptick in transactions, futures bets on Dogecoin have remained relatively stable since late July. Open interest, which represents the number of unsettled futures contracts, has been steady at around $500 million, as noted by CoinGlass.
This stagnation in futures activity could indicate a lack of new money entering the DOGE scene, at least for now. However, the recent surge in transactions may eventually contribute to higher prices for the memecoin.
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