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Dogecoin Sees 990% Spike in Usage—Is cbDOGE Fueling the Next Bull Run?

  • 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.

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