“Network data indicates potential price movements,” analysts at IntoTheBlock note, pointing to the growing number of Dogecoin (DOGE) transactions. Over the past week, the number of transactions exceeded 1.93 million, marking the highest level since early July.

Moreover, Dogecoin surpassed other popular memecoins such as Shiba Inu (SHIB), Floki (FLOKI), and Pepe (PEPE) in the number of transactions. However, the volume remains below the peak levels observed in February 2024, when weekly transactions surpassed 10 million.

The report states: “The increase in transactions may indicate a revival of user activity and could potentially lead to a rise in price.”