A leading cryptocurrency analyst spotlighted a sharp jump in Dogecoin (CRYPTO: DOGE) transaction volume over the past week.
Transaction Spike Preceded DOGE’s Rally
In an X post, Ali Martinez, citing supportive data from on-chain analytics firm Santiment, stated that nearly $800 million worth of DOGE was transacted on a single day on April 16.
The dramatic spike in on-chain volume preceded DOGE’s price hitting a one-month high of $0.10, though the memecoin has since pulled back sharply.