Dogecoin, the largest meme coin by market cap, has recently noted a surge in the number of on-chain transactions based on IntoTheBlock data. For the past week, the Dogecoin network was able to process a transaction value totaling 1. 93 million transactions, surpassing its peers like Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE). This is the highest weekly transaction volume for Dogecoin recorded since the beginning of July, indicating revived traffic and activity in the asset.
The increase in the volume of transactions is cumulative following a period of decreased activity levels, although the weekly transaction volumes remain below the record level achieved in the week starting February 4, 2024 with over 10 million transactions. Although the current values have demonstrated a recovery to be lower than the February numbers, it is a positive signal for the growth of the Dogecoin network in terms of the active audience’s flow of new supply chain members and trading turnover.
However, the latest movement in the futures market is less enthusiastic compared to the recovery in Dogecoin’s network transaction. Reports by CoinGlass show that the open interest in Dogecoin futures is stable and has been ranging between $500 million since the end of July. This stability implies that, with the expansion of the network, new capital has not come into the Dogecoin market to a significant degree.
The relative stability in futures bets at a time when normal business is usually low, as observed during the late summer holidays, is indicative of a guarded optimism among trading personnel. Investors may be waiting for fundamentals that show growing usage and popularity of Dogecoin before they go all in for Dogecoin futures though.
The current data also show that Dogecoin remains one of the leaders among meme coins, which manage to provide higher transaction activity than their counterparts. This sustained interest and activity is perhaps due to the strong social interaction and the continuous improvements in the Dogecoin ecosystem that retains its attention within the larger cryptocurrency market