Since the start of the week, there has been an increase in Dogecoin (DOGE) network activity. On May 1, the daily number of transactions on the blockchain averaged 17,889, which rose to 23,754 on May 4, as reported by Bitinfocharts.
Network activity is at its highest level since mid-April and the hashrate has also grown to 711.94 terahash per second.
On the night of May 5, the DOGE rate dropped to $0.0784. The altcoin’s market capitalization decreased by nearly 3% over the week, amounting to $10.917 billion.
Despite the current period of stagnation, the gradual increase in network activity indicates a possible return of volatility.
Elon Musk’s continual references to the coin since 2020 have been credited as the source of its takeoff, with the coin testing a peak value of $0.737 in May 2021.
