Dogecoin (DOGE) recorded a sharp rise in transaction volume in mid-April as market activity picked up around the meme token. 

Data shared by analyst Ali Martinez, based on Santiment charts, showed Dogecoin’s transaction volume climbed to nearly $800 million on April 16.

The move marked the highest daily transaction volume recorded for Dogecoin so far in 2026. It also followed a much lower reading on April 15, when daily transaction volume stood below $234 million.

That change meant Dogecoin’s on-chain volume rose by more than 241% within 24 hours. The sudden increase pointed to stronger network activity as traders returned to the asset during the broader crypto market rebound.

Price recovery supports fresh demand

The rise in transaction volume came as Dogecoin posted gains alongside other cryptocurrencies. DOGE traded near $0.09577 at the time of writing, with a 24-hour trading volume of more than $1.13 billion, based on crypto.news data.

Market data in the report showed Dogecoin gained 1.05% over the previous 24 hours and 1.37% over the past seven days. The token remained below the $0.10 level, but the recent rebound kept attention on whether it could continue moving higher.

The report said the price rally also revived interest in the Dogecoin ETF market. At the same time, rising prices appeared to support more network use, as more traders and larger holders moved funds on-chain during the latest push higher.

Analysts point to whale and institutional activity

The surge in transaction volume has drawn attention to possible activity from large investors. The report said the increase may reflect renewed interest from high-profile investors and institutions as Dogecoin’s price recovered.

Large on-chain transfers do not always confirm buying or selling, but they often show stronger engagement across the network. In Dogecoin’s case, the jump in value transferred came during a period when broader crypto sentiment also improved.

That combination placed Dogecoin among the tokens benefiting from renewed risk appetite in the market. Even so, the token’s next move may depend on whether momentum remains strong enough to push it through nearby resistance levels.

Resistance near $0.102 remains in focus

On April 18, Ali Martinez said the TD Sequential indicator flashed a sell signal on Dogecoin’s 12-hour chart. He said that signal has historically pointed to a correction lasting between one and four candlesticks, suggesting recent momentum may be cooling.

Martinez identified $0.102 as the key resistance area. He said the bearish case could send DOGE back toward the $0.09 support zone if the signal holds. He added that “a sustained 12-hour close above $0.102” would invalidate the bearish setup and could open the way for a move toward $0.110.