- Dogecoin processed 1.93 million transactions last week, the highest count since early July.
- This uptick in Dogecoin transactions signals promising activity for the DOGE network, though still below February’s peak.
Last week, Dogecoin processed 1.93 million transactions, the highest weekly total since early July, according to IntoTheBlock. While this amount is still lower than the February peak, the increase is a positive indication for the Dogecoin network.
This rise in transaction volume suggests renewed interest in DOGE and future utility development as more users interact with the network.
Also, CoinGlass data reveals 1.37% growth in Open Interest (OI) for Dogecoin, totaling $463.16 million. Open interest is the total number of outstanding derivative contracts, and a rise typically implies more speculative activity. This indicates that investors expect major price changes for Dogecoin in the foreseeable future.
Veteran Investor Predicts DOGE Rally Could Trigger Another Altseason
Beside that, veteran investor Ted took to Twitter to express his thoughts on Dogecoin’s potential to spark a larger cryptocurrency boom. According to Ted, a DOGE pump has traditionally resulted in an altseason, as observed in 2020-2021 and Q42023.
$DOGE pump always triggers an Altseason
This happened in 2020-21 and also happened in Q4 2023.
Right now, $DOGE is forming a similar fractal as of 2021.
If the DOGE starts to pump, get ready for a face melting #Altseason 🚀 pic.twitter.com/FhXyTmm4rt— Ted (@TedPillows) September 16, 2024
Ted observes that Dogecoin is currently generating a fractal pattern similar to that seen in 2021, which leads him to assume that a prospective DOGE rally could pave the way for another “face melting Altseason.” If this prognosis is correct, investors in altcoins may see big returns across the market.
Ted’s opinion is similar to the popular crypto analyst Crypto Anbu, whose analysis was previously highlighted by CNF. Anbu shared that Dogecoin’s current technical indicators reflect key patterns that generally presage a larger altcoin surge.
This confluence of viewpoints from prominent analysts lends credence to the notion that Dogecoin’s performance could serve as a harbinger for the larger cryptocurrency market.
Dogecoin is currently trading at around $0.1007, up 0.08% over the last 24 hours. Despite the slight change, the coin appears to be stabilizing and moving sideways, which is common before big price activity.
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