Dogecoin's active addresses surged by 990% in one week, indicating renewed interest and speculation in a bullish trend.
Open interest for Dogecoin futures contracts rose over 66%, reaching $1.65 billion, showing increased traders' trust for potential price surges.
Coinbase's announcement of cbDOGE, a wrapped Dogecoin on the Base network, fueled expectations in trading and DeFi communities, suggesting institutional endorsement.
Analysts foresee Dogecoin starting a new price cycle as sentiments grow, with potential for a shift in token valuation and utility, especially with the launch of cbDOGE.