Dogecoin Addresses Surge 500% in One Day
On May 13, Dogecoin saw a remarkable 528% spike in active addresses, jumping from 74,640 to 469,477.
This sharp increase indicates heightened network activity and growing investor attention.
The surge followed an update to 21Shares’ spot Dogecoin ETF filing, which was officially acknowledged by the US Securities and Exchange Commission (SEC).
The financial firm confirmed this progress on X on May 14.
The filing, designed to track DOGE’s market price, mirrors similar initiatives by Bitwise and Grayscale, hinting at the possibility of mainstream acceptance.
The news sparked optimism among investors, contributing to the uptick in Dogecoin’s network activity.
Further boosting this momentum, Glassnode reported a 70% rise in DOGE futures open interest over the past week, increasing from $989 million to $1.65 billion.
This occurred despite a recent price correction, indicating strong speculative positioning.
Glassnode emphasized that this divergence between open interest and price is “worth monitoring” due to its potential to trigger volatility.
DOGE has also experienced robust demand from spot buyers.
According to Cointelegraph, Dogecoin’s spot taker 90-day cumulative volume delta (CVD) is currently "taker buyer dominant," reflecting a trend of more aggressive buying than selling since early March.
This pattern is reminiscent of the buildup before DOGE’s 385% rally to $0.48 in Q4 2024.
Additionally, the long-term holder net unrealized profit/loss (NUPL) metric for DOGE, tracking holders with positions older than 155 days, recently crossed 0.5 — signaling a positive “belief” sentiment among investors.
With network activity soaring, speculative interest climbing, and spot buyers taking the lead, Dogecoin’s market indicators are aligning for a potential move back to its previous range highs.
Crypto analyst Trader Tardigrade pointed out that Dogecoin has reached a significant resistance zone near $0.24.
A short consolidation phase is expected, but a breakout above this level could drive DOGE toward $0.40, indicating sustained bullish momentum.
Meanwhile, Dogecoin supporter Kriss Pax highlighted the formation of an inverse head-and-shoulders pattern on the 1-day chart.
According to Pax, this pattern suggests a possible rally to $0.42, marking a bullish breakout. He commented:
“Stuck between $0.22 and $0.25. Opportunities for buying dips will come. Some will swing trade. But when $DOGE decides to take off, you will want to be on board.”
Sources:
https://cointelegraph.com/news/dogecoin-active-addresses-surge-by-528-will-doge-price-follow
https://x.com/TATrader_Alan/status/1922614634030436582
https://x.com/21shares_us/status/1922688626732757206
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