Dogecoin’s Network Activity Explodes—So Why Is DOGE Price Still Asleep?

Dogecoin’s blockchain just saw active addresses surge 15x overnight—a spike that’d send most assets mooning. Yet DOGE trades like it’s stuck in a coma.

The metrics don’t lie (but the market might)

On-chain data shows clear network growth, but price action stays flat. Classic crypto disconnect—traders are either ignoring fundamentals or waiting for Elon to tweet.

Liquidity vampires or just weak hands?

Whales aren’t biting despite the activity surge. Either big money’s playing chicken, or everyone’s too busy chasing the next ’institutional-approved’ shitcoin.

Wake us up when the meme magic works again—or when Wall Street ’discovers’ DOGE’s ’utility’ and pumps it 300% in a week.

DOGE traders stack the deck!

The Long/Short Ratio on Binance steadily climbed from around 2.0 in early May to over 3.0, meaning three times as many traders are betting on DOGE to rise than fall.

Source: Coinglass

The green bars — representing long positions — have consistently dominated the chart since late April, showing confidence among bullish traders.

This kind of skew often suggests rising speculative interest, but it also raises the risk of a crowded trade.

If price fails to follow through, these long-heavy positions could quickly unwind and trigger sharp corrections.

Addresses have spiked nearly 15x

Daily active addresses exploded from an average of around 45,000 to over 680,000 on the 14th of May — a staggering 15x surge in less than three days, according to Santiment data.

This typically shows heightened user interest or large-scale distribution events.

Source: Santiment

While such spikes often precede price breakouts, they could also be driven by short-term HYPE or automated wallet churn. Whether this rise translates into lasting price action remains to be seen.

Price stalls despite on-chain frenzy

After hitting a local high above $0.24, Dogecoin has pulled back to around $0.22 at press time; posting four consecutive red candles.

The RSI at 61 was above neutral, but down from recent highs — showing waning bullish momentum.

Source: TradingView

Meanwhile, the price remained above the 20-day SMA, suggesting structural support, but the upper Bollinger Band rejection shows resistance is firm.

Until buying pressure resumes or external catalysts emerge, DOGE may continue to consolidate, defying bullish on-chain sentiment… for now.