Network activity for Dogecoin has surged, with over 1.93 million transactions in the past week, the highest since early July, indicating a resurgence of interest.
Despite the 1.93 million transactions, current volumes are still below February's peak of over 10 million weekly transactions, showing a need for sustained growth.
The open interest in Dogecoin futures has stabilized around $500 million, suggesting market participants are being cautious and not adding new positions lately.
A spike in transactions typically signals a revival in user engagement, which could lead to higher prices, but the flat market has tempered bullish sentiment.
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