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Dogecoin’s recent surge in active addresses and increased futures open interest signals a potential shift in investor sentiment towards the memecoin.
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This dramatic rise in activity follows the SEC’s acknowledgment of 21Shares’ filing for a spot DOGE ETF, marking a significant moment for the altcoin.
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“The unexpected growth in active addresses is a clear indication that investors are becoming more engaged with DOGE,” noted an analyst from COINOTAG.
Explore how Dogecoin’s growing network activity and SEC developments could influence its market trajectory in our latest analysis—learn more now!
Dogecoin’s Resurgence: Active Addresses and Market Dynamics
The recent increase in **Dogecoin’s** active addresses, which surged by an impressive 528% to hit **469,477**, is a clear indicator of increased **network activity**. This spike correlates with significant developments, particularly the acknowledgment of 21Shares’ spot DOGE ETF filing by the US Securities and Exchange Commission (SEC). Such institutional interest could pave the way for **mainstream adoption**, fueling investor enthusiasm and boosting overall activity within the DOGE ecosystem.
The Impact of Futures Open Interest on Market Sentiment
According to **Glassnode**, the rise in DOGE’s futures open interest by **70%** to **$1.65 billion** further underscores this shifting sentiment. This decoupling of price and open interest may indicate a sustained speculative interest in the altcoin, suggesting traders are positioning themselves for potential volatility. This dynamic is particularly noteworthy given that the price of DOGE has recently experienced fluctuations, reinforcing the need to monitor market sentiment closely.
Spot Buyer Activity and Long-Term Holders
An additional factor contributing to Dogecoin’s rising popularity is the strong demand from **spot buyers**. Recently, Cointelegraph reported that DOGE’s **spot taker 90-day cumulative volume delta (CVD)** reflects a “taker buyer dominant” trend, showcasing robust buying activity since early March. Such a trend aligns with historical patterns, where similar buying pressure preceded sharp rallies, indicating a potential bullish sentiment emerging in the market.
Long-Term Holder Optimism and Future Price Projections
Long-term holders of DOGE also appear to be optimistic, as evidenced by the net unrealized profit/loss (NUPL) for those holding for at least **155 days** recently surpassing **0.5**. This suggests a growing confidence among investors, a crucial factor in establishing sustained upward momentum for the altcoin. As activity on the network continues to surge, the combination of speculative interest and strong spot buyer dominance suggests that Dogecoin may soon experience a price rally aimed at reaching its previous highs.
Market Analysis: Price Targets and Resistance Levels
In light of these developments, crypto analyst **Trader Tardigrade** highlights that DOGE has encountered a crucial resistance level around **$0.24**. A successful breakout above this threshold could propel the price to **$0.40**, showcasing healthy upward momentum. Moreover, Dogecoin proponent **Kriss Pax** pointed to an inverse head-and-shoulders pattern on the daily chart, indicating a bullish breakout that could drive the price towards **$0.42**.
Conclusion
In summary, Dogecoin’s recent surge in active addresses, burgeoning **futures open interest**, and strong spot buyer demand are all indicative of a shifting market dynamic. As institutional interest from the SEC acknowledges 21Shares’ spot DOGE ETF filing, the potential for mainstream adoption grows. With positive sentiment among long-term holders and a clear resistance target on the horizon, investors are keenly watching how these developments will impact DOGE’s market trajectory in the near future.
