Dogecoin (Doge) has struggled to maintain the pace, and over the past 30 days, Memecoin has depreciated 38.43%.
Chain data from Santiment reveals that wallets with a balanced DOGE of at least 1 million have increased by 1.24% since their launch in February.
This accumulation trend suggests that these major investors view Doge as Doge and may be preparing for a surge in the future. Historically, these accumulation stages have gone further than price recovery.
At the same time, on-chain data points out that DogeCoin’s active addresses exceed 150,000 per day, the highest since mid-November. This trend of increasing trading volume suggests an increase in utilization. This could be a key driver for future price stability and recovery.
If this rise in user activity is based on adoption rather than panic-driven transactions, it can help set a stage of persistent bullish movement.
Doge’s current prices are 70% lower than the December 2024 peak price of $0.48, at $0.48, trading around $0.1666.
Doge, which trades at $0.1661 on Binance, continues to have a downward trend on its five-minute chart. When highs and lows occur, the 9-period EMA (blue line) refers to continuous bearish momentum. A major support level of around $0.165 can determine the next price movement. However, given the increased network activity, Doge may be preparing for a rescue rally.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always carry out your own research before making any financial decisions.