Dogecoin (DOGE) Network Shows Increasing Activity, as Active Addresses Have Increased by 47% During the Last Month

The Dogecoin network shows increasing activity, as active addresses have increased by 47% during the last month. By CoinIdol.

The Dogecoin (DOGE) network is showing strong signs of activity as the number of active addresses increased by 47% during the last month, according to Glassnode.

The weekly chart shows a bullish reversal doji pattern and historical Relative Strength Index (RSI) patterns, which could suggest a possible price recovery from the recent lows.

Plus, with an application for a Dogecoin ETF currently being reviewed by the Securities and Exchange Commission (SEC), DOGE may be poised for a big move.

Dogecoin’s Active Addresses Surge by 47%

The Dogecoin network has seen some serious hustle and bustle.

According to crypto analytics firm Glassnode, the number of active addresses on the Dogecoin network has increased by 47% in one month, rising from 110,000 to 163,000.

This rapid increase in user participation signifies both heightened user engagement and potentially increased accumulation activity.

The crypto market has seen a wave of institutional interest, especially in crypto exchange-traded funds (ETFs).

Recently, SEC received Bitwise’s request to launch a Dogecoin exchange-traded fund.

A potential approval from SEC would be a huge step for the meme coin as it would allow institutional investors to invest in it more easily.

The introduction of Bitcoin (BTC) ETFs earlier this year triggered a price increase that propelled BTC to new highs of over $70,000.

A similar effect on DOGE is possible after ETF approval as it would bring more credibility and liquidity to the market.

Dogecoin Forms Bullish Reversal Pattern

In other developments, the weekly price chart of Dogecoin shows a possible trend change, according to current market indicators.

According to Ali Charts, the cryptocurrency has completed a bullish reversal doji pattern, which signals potential market turning points.

Dogecoin price recovered from its $0.1429 low to reach $0.1676, which formed this important pattern.

Further adding to this bullish idea, Trader Tardigrade notes that Dogecoin established its macro channel during its entire history.

Price has shown great strength in rebounding whenever it reaches the bottom of its established channel.

Right now, the price position at the lower boundary shows no deviation and signals a historically significant support zone.

Looking at past performance, DOGE experienced a +500% increase after it touched the lower boundary of its macro channel during its previous contact.

If this trend continues, Dogecoin stands at a crucial juncture where current market indicators suggest a potential major price change.

Dogecoin’s Futures Market Trends

According to CoinGlass, Open Interest (OI) and trading volume data on Dogecoin futures market highlight some key trends.

The total value of outstanding futures contracts, known as Open Interest, reached its highest point at more than $5 Billion during mid-January 2025.

At that time, the token was valued between $0.40 and $0.50 while speculators engaged heavily.

However, as the DOGE price declined, leading to traders closing out their positions, it resulted in a reduction of Open Interest to $1.3 billion during early March.

But the current open interest value of $1.4 billion indicates that investors are returning to the market.

Furthermore, the trading volume demonstrated similar patterns throughout its history.

The DOGE price surged above $0.40 in November 2024, which sparked a massive trading volume, reaching nearly $60 Billion.

Nonetheless, as the price pulled back, volume stabilized at approximately $4 Billion.

Dogecoin’s RSI Shows Potential Bottom

Meanwhile, crypto analyst Trader Tardigrade’s Relative Strength Index (RSI) analysis presents one of the most robust bullish implications.

Dogecoin showcases a classic bottoming pattern that has appeared consistently during past cycles, according to his analysis.

The Relative Strength Index (RSI) indicator reached levels below 30, which signals that selling pressure might be losing its strength.

Interestingly, Dogecoin’s price dropped to a new low, but its RSI indicator showed minimal change.

This is known as a bullish divergence pattern, indicating an upcoming price reversal.

The previous occurrence of this price setup happened in July 2023, right before the token experienced a price surge that doubled its price within weeks.

Currently, Dogecoin’s RSI is at 30, which could suggest the potential start of new price rallies.

Historical patterns suggest a possibility of a strong price recovery for DOGE in the upcoming months.