Dogecoin (DOGE) Network Records Rising Activity: What is Driving The Surge?

The Dogecoin network is experiencing a resurgence in activity and investor interest, signaling the early signs of a potential new bull cycle for the DOGE price.

The Dogecoin network is experiencing a resurgence in activity and investor interest, signaling the early signs of a potential new bull cycle for the DOGE price.

Meanwhile, the broader crypto market remains bullish, with Ethereum (ETH) outperforming Bitcoin, prompting speculation that an altcoin season may be imminent.

Dogecoin Network Records Rising Activity: What is Driving The Surge?

Data on Glassnode shows that Dogecoin active addresses rose from 61,892 on May 7 to 674,527 as of May 14. This represents a surge of nearly 990% in a week, suggesting renewed user engagement and transactional volume.

A dramatic rise in futures market interest accompanies this surge in network usage. According to recent data, open interest (OI) in DOGE futures has jumped by more than 66% over the past week. Specifically, it climbed from $989 million to $1.65 billion between May 7 and 14.

The sharp increase in leveraged positions indicates growing trader confidence and anticipation of volatile price action.

The post Coinbase to Bring Wrapped Dogecoin to Base, Signaling New Institutional Interest in DOGE appeared first on Baseless.

The post Coinbase to Bring Wrapped Dogecoin to Base, Signaling New Institutional Interest in DOGE appeared first on Baseless.

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The post Coinbase to Bring Wrapped Dogecoin to Base, Signaling New Institutional Interest in DOGE appeared first on Baseless.

The post Coinbase to Bring Wrapped Dogecoin to Base, Signaling New Institutional Interest in DOGE appeared first on Baseless.

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The post Coinbase to Bring Wrapped Dogecoin to Base, Signaling New Institutional Interest in DOGE appeared first on Baseless.