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Dogecoin (DOGE) has shown a promising bullish signal as key metrics skyrocket. According to IntoTheBlock, last week, Dogecoin processed an impressive 1.93 million transactions, marking the highest weekly transaction count since early July.
This surge in activity, although still below the February peak, is perceived as a positive indicator for the DOGE network.
"Dogecoin processed 1.93 million transactions last week, marking the highest weekly transaction count since early July.Although still well below the February peak, this uptick is a promising sign for the DOGE network," IntoTheBlock wrote in a tweet.
Tomiwabold OlajideThe recent uptick in transactions is a significant development for Dogecoin. Processing 1.93 million transactions in a single week highlights increased usage and interest in the network. This surge is particularly noteworthy as it suggests that more users are engaging with the Dogecoin network.
Dogecoin active addresses soar
While Dogecoin’s transaction count is still far away from that recorded in February, the recent rise is a step in the right direction. In the last 24 hours, Dogecoin has surged 26% in active addresses to 54,700, per IntoTheBlock data, as activity grows on the network.
If this bullish trend continues, it might positively impact the Dogecoin price, which has been in consolidation for months.
At the time of writing, Dogecoin was up 0.27% in the last 24 hours to $0.101. As reported, Ali Martinez, a crypto analyst, highlighted $0.11 as the key level to watch in anticipation of a breakout given the massive amount of Dogecoin held in this range.
As transaction activity grows, the market is keeping a close eye on Dogecoin’s price for potential signs of price breakout.
Arman Shirinyan
Godfrey Benjamin