Dogecoin (DOGE) Whale Wallets Have Been Accumulating, Active Addresses Hit a 4-Month High

Santiment data shows that Dogecoin whale wallets have been recovering since February, while active addresses have hit a 4-month high.

Dogecoin (DOGE) has experienced a steady downtrend over the past month, aligning with declines in the broader memecoin market. While the short-term movement remains negative, recent on-chain data and technical indicators suggest potential signs of recovery.

As the saying goes, ‘smart money’ continues to pour into Dogecoin. According to data from Santiment, the number of wallets holding at least 1 million DOGE has increased by 62 since February. This 1.24% rise in the past nine months signals potential confidence in the asset’s long-term outlook despite the recent market downturn.

Furthermore, daily active addresses interacting with Dogecoin have surged past 150,000, the highest level recorded since mid-November. This increase in active wallets suggests higher user engagement within the Dogecoin network.

Confirming this surge in active addresses, network data by IntoTheBlock from the past week shows significant growth. New addresses rose by 102.4%, active addresses increased by 111.32%, and zero-balance addresses grew by 155.58%.

A well-followed market analyst, Trader Tardigrade, has noted the formation of a doji candlestick on Dogecoin’s weekly chart. A doji occurs when an asset’s opening and closing prices are nearly identical, signaling indecision in the market. While neutral on its own, this pattern can indicate a shift in trend when placed in a broader market context. Notably, a similar pattern preceded Dogecoin’s 240% surge in Q4 2024.

Another analysis from TradingView highlights Dogecoin’s potential breakout from a multi-month falling wedge. The market watcher emphasized that maintaining the support level is critical for further gains. The analysis outlines potential price targets, with the first profit level at $0.4638 and the second at $0.5534. The final target stands at $0.6542, representing a possible 281% increase from the current price.

In the 24-hour period, Dogecoin's price has decreased by 2.1%. However, over the past 7 days, the cryptocurrency has experienced a 4.9% increase. In the 14-day period, the cryptocurrency is down 14%.

Despite these fluctuations, DOGE has maintained support at $0.15, which has held strong during recent market movements.