Dogecoin’s rising transaction volume fuels market optimism

CoinGlass data shows a 1.37% rise in open interest, totalling $463.16 million, indicating heightened speculative activity.

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Last week, Dogecoin saw a significant increase in activity, processing 1.93 million transactions, the highest weekly total since early July. Although this figure is still below February’s peak, the rise suggests renewed interest in DOGE and potential future developments as more users engage with the network.

Data from CoinGlass shows a 1.37% rise in open interest for Dogecoin, reaching $463.16 million. This increase in outstanding derivative contracts points to heightened speculative activity, with investors anticipating significant price movements for DOGE shortly. Veteran investor Ted has expressed optimism on Twitter, noting that past Dogecoin rallies have often led to broader altcoin surges. He identifies a fractal pattern in DOGE’s current performance similar to one seen in 2021, which could signal another major alt season.

Ted’s views align with those of crypto analyst Crypto Anbu, who has noted that Dogecoin’s current technical indicators suggest a potential altcoin surge. These insights from prominent analysts support the idea that Dogecoin’s recent performance might be a precursor to significant movements in the broader cryptocurrency market.

Dogecoin is currently trading at approximately $0.1007, showing a slight 0.08% increase over the past 24 hours. The coin appears to be stabilising, which often occurs before substantial price changes.