Dogecoin active addresses surge by 528% — Will DOGE price follow?
On May 13, Dogecoin (DOGE) experienced a 528% increase in active addresses, rising from 74,640 to 469,477, indicating heightened network activity and investor interest. This surge followed an update to 21Shares’ filing for a spot Dogecoin ETF, acknowledged by the US SEC. The filing aims to track DOGE’s price and aligns with similar efforts by Bitwise and Grayscale, suggesting potential mainstream adoption. DOGE futures open interest rose 70% from $989 million to $1.65 billion, despite a price pullback, indicating persistent speculative positioning. Strong spot-buyer demand is evident, with DOGE’s 90-day cumulative volume delta showing aggressive buying since early March. The long-term holder net unrealized profit/loss surpassed 0.5, reflecting optimistic sentiment. Analysts note DOGE has hit resistance around $0.24, with potential targets of $0.40 or $0.42 if breakout occurs.
