Dogecoin Weekly Data Report — September 21–27, 2026

1. What changed this week

Three things changed, and one of them matters more than the price. First, the tape: DOGE closed at $0.0969, up 11.0%, with a Tuesday close of $0.10042 — the first daily close above $0.10 in the nine weeks this dataset covers — before a Wednesday fade took back most of the breakout. Second, the derivatives complex: a short squeeze worth $12.7 million across the move did the lifting. Third, and quietest: usage stopped falling. Daily transactions averaged 24,106, up 1.9% — the first weekly increase after four consecutive declines — and Monday printed 51,563 active addresses, the highest single-day count in our dataset. None of the three changes the mining model this report is built around, but the third one is the series we flagged in advance as the only trend worth watching.

Context against the nine weeks we track: this is the first consecutive up week in the series. After W34 (+34.2%), W35 (−12.1%), W36 (+10.8%) and W37 (−9.4%) alternated, W38 (+6.0%) and W39 (+11.0%) are the first back-to-back green weeks, and the $0.0969 close is the highest weekly close in the window (above W34's $0.0934). The week was also the busiest for trading since the W34 breakout — $2.70 billion of Gate.io turnover, second only to W34's $3.24 billion and well above W38's $1.96 billion.

2. The dashboard

Every figure above is a 7-day average or a window aggregate computed from the raw daily series — never a Sunday print standing in for the week. Sources and derivations are in the appendix.

3. Price: seven sessions, one close above $0.10

The week's path, day by day, from our own close series:

Two readings matter for the series we track. The week's range — $0.08723 to $0.10589 — is a 21% band, the widest since the week of August 17–23. And the close sits 3.5% below the week's best close ($0.10042 on Sep 22) and 8.5% below the intraday high: after a squeeze, both gaps are honest measures of how much of the move survived the fuel burning out. Prior-week comparison: the September 14–20 close sat just 0.4% below its best close.

4. Usage: the four-week decline ends

Daily transactions averaged 24,106, up 1.9% from 23,660 — the first weekly increase after four straight declines (31,562 → 26,865 → 25,807 → 25,503 → 23,660, a 25.0% contraction from the August peak). Active addresses averaged 37,873, up 4.1%. Monday, September 21 printed 51,563 active addresses — the highest single-day count in our dataset, surpassing the prior high of 47,693 (August 17) — and the week's busiest transaction day at 26,212. The concentration of both spikes on the squeeze day is the tell: the usage bump and the price event share a timestamp, which is consistent with churn-driven activity rather than a new transaction base.

The honest framing sits between the headlines. +1.9% is a turn, not a recovery: the series remains 23.6% below its August peak and below the 25,000 threshold we published as last week's check. What the print does establish is that the decline is no longer monotonic — the 'usage is in structural decline' read now has a datapoint against it.

5. Issuance and supply

The chain produced 1,360 blocks per day on average (9,523 blocks across the week), issuing 13.60M DOGE per day — worth approximately $1.32 million at the $0.0969 close. The supply series confirms the arithmetic to the coin: CoinMetrics puts supply at 156,095,512,866 DOGE on September 27, an increase of exactly 95.23 million DOGE for the week — which is 9,523 blocks × 10,000 DOGE, the fixed per-block subsidy. Annualized, issuance runs at about 4.96 billion DOGE, or $481 million — roughly 3.18% supply growth against 156.10B outstanding, with no maximum supply and no halvings.

Note what the table shows about miner revenue: the DOGE-denominated subsidy fell 0.1% (1,360 vs 1,362 blocks), while its dollar value rose 10.8% — entirely because the close rose 11.0%. The security budget is price-led, as it was designed to be.

6. Hashrate and difficulty

The security layer barely moved through a violent price week. Hashrate printed at 3.83 PH/s (24-hour average, Blockchair) and difficulty retargeted up 0.4% to 56,109,335 from 55,873,021 — the two series moving in lockstep, as they must, since difficulty follows hash. The chain's clock ran close to design: 1,360 blocks per day is an implied block time near 63.5 seconds against the 60-second target — ordinary proof-of-work variance, marginally slower than last week's 63.4 seconds. The sourcing caveat we repeat weekly: cross-provider hashrate estimates for Dogecoin differ materially because of merge-mining attribution, so we quote a single labelled snapshot (Blockchair) rather than blending sources.

7. The fee ledger

The median transaction fee printed at 0.0707 DOGE, about $0.0068 — up 19.9% from last week's 0.0590 DOGE. At ~24,106 transactions per day, aggregate fee income to miners is on the order of $165 per day — roughly 0.013% of subsidy revenue, up from about 0.010%. There was no congestion event: the mempool held 845 transactions and 191 KB at the snapshot. A 20% jump in a single median print with an unchanged mempool is a reminder of the metric's noise floor, not a fee-market shift — the busiest transaction day of the week (26,212 on Monday) still sat 27% below August's peak day.

8. Market value ratios, three ways

At the $0.0969 close and 156.0955B DOGE outstanding, the market values Dogecoin at $15.13 billion. Divided by the week's activity, that is $627,000 of market cap per daily transaction and $399,000 per daily active address. Because both denominators are week averages, the ratios are sensitive to the activity assumption — which is why we publish the sensitivity rather than a single number:

The direction of the read matters more than any row: at an 11% higher market cap on 1.9% higher usage, the per-transaction valuation ratio rose about 9% this week. Valuation expanded faster than the activity that nominally supports it.

9. Scenario math: what $0.090–$0.118 does to the security budget

The week traded through most of the scenario band we published last week, so the table gets an update with the levels currently in play — $0.090 as the reclaimed base, $0.100 as the contested figure, $0.107–$0.118 as the zone analysts named post-breakout. Issuance is held at the observed 13.60M DOGE/day; only the price moves:

The invariants are the point: the DOGE-denominated subsidy is fixed, so every row differs only by the price a dollar-denominated miner sells into. The percentage column never moves — the dilution is 3.18% a year at any price — while the security budget swings by $139 million between the bottom and top rows. Fee income, at ~$165 a day, is a constant footnote across all five scenarios.

10. Volume: the busiest week in five

Gate.io spot turnover for the week totalled approximately $2.70 billion, up 37.4% from $1.96 billion — the busiest week since August 17–23 ($3.24 billion), and a reminder that the derivatives-led price event still pulled spot participation with it. Coverage put 24-hour global volume near $700–890 million at the week's extremes (CoinGecko readings via cited outlets), of which a single exchange is always a minority share; we publish our own venue's series because it is the one we can reproduce from raw candles.

11. What we still cannot source

Three gaps, unchanged in kind from prior weeks. Pool share: no verifiable pool-hash distribution source at writing, so the table stays out. Per-day ETF flows beyond the cited sessions: trackers report Monday, Tuesday and Friday's figures in attributable coverage but not a complete daily series we can reproduce, so we publish the three datapoints and the weekly record rather than an interpolated curve. Whale net positions: address-based accumulation flows cannot be reconciled to net-position changes this week because the same window contains both a 1.14B-DOGE accumulation claim and a 250M-DOGE exchange deposit; we log both and refuse to net them into one narrative.

12. Appendix: data snapshot