Dogecoin Active Addresses Spike—Is the Meme Coin Gearing Up for Another Run?

Dogecoin’s network activity just flashed a bullish signal—active addresses surged 40% in a week. Traders are watching closely as the meme coin defies its ’joke asset’ reputation yet again.

Behind the Metrics: What’s Driving the Surge?

Speculation points to three factors: Elon Musk’s latest X.com integration teaser, a wave of Asian retail traders rotating out of altcoins, and that timeless crypto catalyst—pure, unadulterated FOMO. The 24-hour trading volume tells the story: $2.3 billion changed hands while Wall Street analysts were busy downgrading Coinbase.

Doge’s Next Move: Moon or Meme Graveyard?

The coin now faces its 2021 ATH like a skateboarder eyeing an unfinished halfpipe—either it sticks the landing or becomes another cautionary tale about buying the dip during SNL season. One thing’s certain: the ’people’s crypto’ still moves faster than a hedge fund’s algorithmic trader after spotting a tax loophole.

In Brief

• Dogecoin active addresses surged 528% in 24 hours, reaching 469,477.
• Open interest on DOGE futures climbed 70% to $1.65 billion.
• Four Dogecoin ETF applications are currently under SEC review, with decisions expected as early as May.
• DOGE price could target $0.40 if the $0.24 resistance is broken.

A Spectacular Awakening of the DOGE Network

On May 13, 2025, the dogecoin network experienced a dramatic surge in activity. Active addresses literally exploded, jumping from 74,640 to 469,477 in just 24 hours—a dizzying 528% increase, according to Glassnode data.

This spectacular surge follows the SEC’s approval of the filing for the 21Shares Dogecoin spot ETF. The announcement was confirmed by the financial services company on X on May 14, creating a wave of Optimism in the market.

This frenzy is not isolated. Open interest on Doge futures jumped 70% in one week, rising from $989 million to $1.65 billion. Even more intriguingly, this increase happens despite a price decline, suggesting significant speculative positioning in anticipation of a major move.

Data from Cointelegraph also reveal strong spot demand. The cumulative volume delta (CVD) over 90 days has shown buyer dominance since early March, a pattern similar to the one preceding the 385% rally to $0.48 in Q4 2024.

Dogecoin ETFs: Catalysts for the Next Leap!

The current enthusiasm centers on four Dogecoin ETF applications under review by the SEC. 21Shares, in partnership with House of Doge – the corporate branch of the Dogecoin Foundation – filed its application on April 9. Nasdaq then submitted the 19b-4 FORM on April 30 to list the ETF.

Other players are not far behind: Bitwise, Grayscale, and Osprey have all filed their own applications. Bloomberg analysts estimate a 75% chance that a Dogecoin ETF will be approved this year, while the prediction market Polymarket shows odds of 64%.

The 21Shares Dogecoin ETF WOULD use Coinbase Custody as the official custodian and aims to track DOGE performance via the CF DOGE-Dollar US Settlement Price index. This structure would reassure institutional investors seeking regulated exposure to memecoins.

Trader Tardigrade has identified a key resistance level around $0.24. A breakout above this level could drive DOGE up to $0.40, signaling sustained bullish momentum.

Meanwhile, Dogecoin supporter Kriss Pax notes an inverse head and shoulders pattern on the daily chart, suggesting potential for a MOVE up to $0.42.

In summary, the explosion of Dogecoin active addresses combined with growing interest in ETFs paints a promising picture for the memecoin. Should the SEC give the green light and the $0.24 resistance yield, DOGE could follow two very different trajectories toward or away from its 2024 highs.

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