The Dogecoin network is showing increased activity and attracting more investor interest, hinting at a possible new bullish phase for the DOGE price. At the same time, the broader cryptocurrency market is optimistic, with Ethereum (ETH) surpassing Bitcoin, leading to speculation about a potential altcoin season.

The rise in Dogecoin's active addresses, from 61,892 to 674,527 within a week, indicates a significant surge in user engagement and transaction volume. The surge in futures market activity, with a 66% increase in DOGE futures open interest over the past week, reflects growing trader confidence.

Coinbase's announcement of supporting wrapped Dogecoin on the Base network adds to the positive momentum, demonstrating increasing institutional and ecosystem backing for DOGE. Wrapped assets like cbDOGE can enhance token utility and facilitate DeFi applications, potentially attracting new demand.

Market analysts are expressing more bullish sentiment towards Dogecoin, speculating that it may be entering a new growth cycle. Despite past cycles where Dogecoin exceeded expectations, investors are advised to remain vigilant due to potential risks and uncertainties in the market.