The Dogecoin activity surge is catching serious attention. Over the past week, on-chain data shows a major increase in user engagement and market interest. Paired with bullish signals across the crypto market, Dogecoin may be on the brink of its next big breakout.
DOGE Network Sees 990% Spike in Active Addresses
According to Glassnode, Dogecoin active addresses exploded from 61,892 on May 7 to 674,527 by May 14—a jump of nearly 990% in just seven days. This sharp rise reflects renewed user engagement and transaction volume across the DOGE network.
Futures Market Interest Soars by 66%
It’s not just wallet activity spiking. Open interest (OI) in DOGE futures climbed from $989 million to $1.65 billion, a 66% increase in the same week. Traders appear to be gearing up for significant price moves, using leverage to maximize exposure.
This growing futures market participation highlights rising confidence and expectation of volatility among short-term traders.
cbDOGE Launch on Base Boosts Sentiment
Adding more fuel to the rally, Coinbase announced upcoming support for wrapped Dogecoin on Base, its Layer-2 Ethereum network. The new token, called cbDOGE, will allow DOGE to be used in DeFi applications through cross-chain interoperability.
In a May 14 post, Coinbase Assets stated:
While there’s no official launch date, the announcement suggests growing institutional and ecosystem support for DOGE.
This follows the success of cbBTC, Coinbase’s wrapped Bitcoin, which reached a $1 billion market cap in under two months. If cbDOGE performs similarly, it could boost liquidity and expand use cases for Dogecoin within decentralized finance.
Analysts See DOGE Entering Its Third Bull Cycle
Crypto analyst Galaxy shared that Dogecoin may be entering its “third bull cycle.” Historically, DOGE has stayed quiet before rapid surges in price and attention. The familiar pattern may be repeating.
Although Elon Musk’s influence on meme coins has cooled, Dogecoin’s momentum appears to be building from within the market.
What’s Next for DOGE?
With rising network activity, increased derivatives exposure, and potential DeFi integration via cbDOGE, the outlook for Dogecoin is turning bullish.
Still, risks remain. Macroeconomic pressures and broader market volatility could impact performance. As always, investors should do their own research before making decisions.
