Dogecoin Saw ‘Biggest’ Transaction Volume Spike Last Week, Notes Analyst: What’s Going On?

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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.

Is Whale Activity The Trigger?

The total transaction fees paid by users on the Dogecoin blockchain had also jumped to a one-month high on April 16, according to data from Token Terminal.

Interestingly,…