The Dogecoin network has been experiencing a consistently high level of activity, with the coin processing a million transactions per day. Based on information from the market intelligence platform IntoTheBlock, there has been a significant increase in activity for DOGE in recent times. The “Number of Transactions” on-chain relevance metric measures the total number of movements made by addresses on the blockchain. A high value of this metric indicates that users are currently making a large number of transfers on the network. This trend suggests that there is currently a high level of interest in cryptocurrency among investors. For more information, check out: How much Bitcoin have large investors purchased in 2024? Alternatively, the decrease in the indicator suggests that DOGE is experiencing minimal usage, indicating that the memecoin may not be receiving much attention. Below is a graph depicting the trend in the Dogecoin Number of Transactions in the last month. The metric has been noticeably high in the past few days, according to data from IntoTheBlock on X. The Dogecoin network has seen a significant increase in the number of transactions, as shown in the graph. Ever since January 30th, the network has been managing a minimum of one million transactions each day. This is notably remarkable, particularly when acknowledging the network’s previous lack of activity before January 20th. This stark difference is clearly evident in the chart. So, what does this increased activity signify for Dogecoin?