The DogeCoin network has experienced a revival of activity and investor interest, showing early signs of a potential new bull cycle in Doge prices.
Meanwhile, the broader crypto market remains bullish, speculating that Ethereum (ETH) outperforms Bitcoin, and that the Altcoin season may be imminent.
DogeCoin Network Records Rising Active: What drives Surge?
GlassNode data shows that Dogecoin Action Adrest has increased from 61,892 on May 7 to 674,527 on May 14. This represents a surge of almost 990% over a week, suggesting that user engagement and trading volume have been updated.
The dramatic increase in futures market interest comes with this surge in network use. Recent data shows Doge futures Open Interest (OI) has risen by more than 66% over the past week. Specifically, it rose from $989 million to $1.65 billion between May 7th and 14th.
The sudden increase in leveraged positions indicates traders’ increased reliability and anticipated price behavior.
More momentum is Coinbase’s announcement of upcoming rap dog coin support on the base network. Coinbase Assets has revealed that Cbdoge, a wrap version of Dogecoin, is one of several tokens to be released soon in Base, Coinbase’s Layer-2 Ethereum Scaling solution.
“CBADA, CBDOGE, CBLTC and CBXRP will be on the way. These assets are not live or available yet. We will announce their release at a later date,” Coinbase Assets will share in the May 14th update.
The launch date has not yet been confirmed, but Move is growing DOGE’s institutional and ecological support.
Wrapped assets can increase token utilities and unlock new demand streams by enabling cross-chain interoperability and definition cases. Coinbase already has CBBTC, a Bitcoin product that has already achieved a market capitalization of $1 billion in 57 days.
As the base continues to gain traction, CBDoge could bring more liquidity and exposure to the king of meme coins. Coinbase did the same thing with CBBTC. Launch native support for Wrap’s Bitcoin products has been launched at Solana, expanding Bitcoin access for process users.
Analysts’ feelings seem to be getting more bullish. Galaxy, the right right crypto market observer, suggested that Doge Price could be in the “third bull cycle.” Analysts point to the familiar patterns of dog coins flying under the radar before attention and prices surge rapidly.
“Can I present Doge? Another case of ‘No one talking until everyone talks about it’,” Galaxy wrote in a post on X (Twitter).
Dogecoin repeatedly rejected expectations during past crypto cycles. It also has a particularly high-profile support from Elon Musk, as well as past Doge Price.
However, the effects of masks on meme coins have been dissipated, Leave dog coins to investors.
Dogecoin’s recent networking activities, derivatives interests, and infrastructure development suggest that tokens may be preparing for another spotlight moment.
When the trend continues and Coinbase successfully launches CBDoge on a base, Dogecoin can benefit from the increased Defi integration, trading volume, and new public attention.
However, risks remain, including macro headwinds. This means that investors need to conduct research.
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