Recent data shows a sharp rise in network activity for Dogecoin, indicating increased investor interest and potential price movements.
Surge in Dogecoin Active Addresses
The number of active Dogecoin addresses has exceeded 650,000, marking the highest level since November 2024. This surge indicates significant retail investor interest, although its coincidence with a local peak at $0.41 may suggest speculative buying in the late stages.
Profit Metrics and Trading Volume
The Net Unrealized Profit/Loss (NUPL) indicator has returned to the 'Optimism' zone, indicating that most DOGE holders are in profit. However, elevated unrealized profits may lead to selling pressure if resistance levels are not convincingly broken. Despite daily trading volumes exceeding $5 billion, Dogecoin's total value locked (TVL) in DeFi remains below $5 million, highlighting a gap between market activity and actual network utility.
Technical Analysis and Key Support Levels
Dogecoin price is consolidating around $0.225 after facing rejection at $0.245. The broader trend remains intact, with price holding above the 20, 50, 100, and 200-day EMAs. Key support is seen in the range of $0.205–$0.216. If DOGE fails to reclaim $0.245, this could lead to further testing near support levels around $0.220.
Dogecoin is at a crucial juncture between rising investor interest and insufficient fundamental utility, leading to uncertainty in future price direction. Traders should closely monitor price movements within the established range.
