title: The original dog-themed memecoin is showing signs of a bullish reversal, says Santiment.

According to Santiment, Dogecoin (DOGE) is “signaling a potential turning point once crypto markets stabilize” as the number of wallets increases.

Crypto enthusiasts are closely following the trends in prominent meme coins, particularly Dogecoin (DOGE), as the market shows signs of a bullish reversal, according to leading crypto analytics platform Santiment.

As the crypto markets begin to stabilize, Santiment highlights a potential turning point for Dogecoin. The platform notes a recovery in the number of wallets holding at least one million DOGE and active addresses reaching four-month highs.

"Dogecoin, like most meme coins, has been hammered during the two-month crypto-wide retrace. However, we recommend keeping an eye on the rising level of wallets holding at least 1 million DOGE, which has recovered during the price dump. Active addresses are also at four-month highs."

Since the beginning of February, the number of Dogecoin wallets holding over one million DOGE has increased by more than 1%. Furthermore, March has seen several spikes in address activity for the largest meme coin by market cap, with the number of active addresses per day exceeding 150,000.

At the time of writing, Dogecoin is trading at $0.166, marking a decrease of about 62% from the 2025 high of approximately $0.434.

Shifting the focus to development activity among the leading crypto projects, Santiment reveals a decrease in the number of contributors over the past month.

"And if we switch the perspective and zoom in to just the past one month, it’s a bit discouraging to see that every ecosystem in the top 10 has taken their foot off of the gas. Development activity events have declined across the board, with only Cosmos and Solana seeing a rise in contributors."

Over the past six months, only Optimism (OP), the layer-2 scaling solution, has recorded an increase in the number of contributors.

As the crypto market continues to recover and contributors return to their projects, further observations on development activity and network growth will provide valuable insights into the potential for a sustained bullish reversal.