Number of Active Dogecoin Addresses Increases: DOGE Price?

Number of Active Dogecoin Addresses Skyrockets 528%: Will Doge Price Follow?

16 May 2025 at 05: 46

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On May 13th, we saw an unexpected but notable increase in the number of active Dogecoin addresses, with a spectacular 528% increase. This brought the number from 74.640 to a whopping 469.477 active addresses. Interestingly, this happened just after 21Shares posted an updated application for a spot Dogecoin ETF submitted to the SEC, which subsequently acknowledged the application. This suggests that there may be more institutional interest in Dogecoin, which could indicate broader acceptance of this cryptocurrency within the traditional financial world.

Futures and spot market highlight growing interest in Dogecoin

In one week, we saw open interest for Dogecoin futures increase by 70%, while the price remained fairly stable. This suggests that there is more speculation surrounding this coin. On the spot market, buyers are noticeably more active than sellers, a trend that has been apparent since early March. This potentially points to an upcoming price increase. In addition, the net unrealized profit/loss of long-term holders, which is above 0.5, indicates strong confidence in the long-term appreciation of Dogecoin.

Technical indicators suggest an imminent breakout in the Dogecoin price

On the technical side, we see some interesting signals. The Dogecoin price is now at a crucial resistance. After a short consolidation period, which is quite common, a break above this resistance could lead to a significant price increase towards $0.40. Moreover, an inverse head and shoulders pattern on the daily chart points to a classic bullish signal, which could result in a further increase to $0.42. The current price fluctuates between $0.22 and $0.25, which offers opportunities to buy at lower prices before the price potentially rises further.

So, what will you invest in if you wake up tomorrow in a world where crypto rules? It might be a good idea to keep Dogecoin in mind.

Frequently Asked Questions

How much did the number of active Dogecoin addresses increase on May 13?
The number of active Dogecoin addresses increased by 528%, from 74.640 to 469.477.

What does the increase in open interest in Dogecoin futures mean?
This indicates increasing speculative interest in Dogecoin, even as the price remained fairly stable.

What technical pattern was observed on Dogecoin daily chart?
An inverse head-and-shoulders pattern was observed, which is generally seen as a bullish signal.

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