Dogecoin’s price movements in the past month or so have been quite underwhelming as the asset struggles to break through the $0.10 resistance.

However, that could soon change as the interest in its network has picked up while many analysts on X envision a rally in the making.

Rising Number of Transactions

The number of transactions on a certain blockchain depicts the overall interest and usage and hints at investors’ behavior regarding the network and its native token. For Dogecoin, the landscape was quite painful for the past few months as the total number had dropped significantly compared to the yearly peak reached in February.

However, that changed last week. Data from IntoTheBlock shows that the largest blockchain from the meme coin realm processed 1.93 million transactions back then, which was the highest in over three months.

Recall that DOGE’s price was trading well above $0.2 after the network’s record-setting transaction count in February and March this year. Consequently, the rising metric could hint at another upcoming rally for the largest meme coin.

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. pic.twitter.com/9WfNMAaEZo

— IntoTheBlock (@intotheblock) September 17, 2024

Altseason Triggered by DOGE?

On the topic of DOGE’s price, one of the most popular X analysts (K A L E O) recently posted an update that predicted a sluggish performance in the next few months. Nevertheless, their graph forecasted a massive rally for the meme coin next year, which they categorized as “lit.”