DOGE Revival: On-Chain Activity Surges as $1 Price Target Gains Momentum

Dogecoin (DOGE) is showing strong signs of revival as its on-chain activity approaches a six-month high, reigniting bullish sentiment among investors. With transaction volumes surging and the $1 price target gaining traction, the meme cryptocurrency is once again capturing market attention. Originally created as a joke in 2014, DOGE has defied expectations to become a serious contender in the crypto space. As of May 18, 2025, DOGE is trading at 0.22614000 USDT, with many anticipating further gains ahead.

Dogecoin On-Chain Activity Nears 6-Month High as $1 Price Target Gains Traction

Dogecoin’s blockchain network shows signs of revival as transaction volumes approach levels last seen six months ago. The meme cryptocurrency, ranked eighth by market value, has climbed steadily after a prolonged slump across digital asset markets.

Originally created as a satirical project in 2014, DOGE has evolved into a serious market contender. Its 600,000% rally during the 2020-2021 bull market remains legendary in crypto circles. The current resurgence comes as traders increasingly speculate about the coin’s potential to reach the psychologically significant $1 milestone.

Dogecoin’s Bull Flag Pattern Signals Potential Rally as Active Addresses Surge

Dogecoin’s on-chain metrics are flashing bullish signals, with active Doge addresses skyrocketing nearly 1,000%. Technical analyst Trader Tardigrade identifies a classic bull flag formation—a pattern often preceding continuation rallies—as the meme coin tests the $0.30 psychological level.

The observed chart structure, featuring a flagpole breakout followed by consolidation, historically indicates entry points during sustained uptrends. Earlier analysis suggested Dogecoin could target $1 following a channel breakout that preceded recent price spikes.

Dogecoin Price Drops Below $0.22 Amid Whale Sell-Off

Dogecoin (DOGE) experienced a sharp decline over the weekend, falling below $0.22 after large holders offloaded more than 170 million tokens within 24 hours. The sell-off dragged the price down from $0.24 to approximately $0.215, marking a nearly 10% drop amid broader weakness in meme coins.

Whale activity data from Santiment reveals addresses holding between 10 million and 100 million DOGE reduced their supply by 170 million tokens, shrinking total holdings from 23.91 billion to 23.74 billion DOGE. Despite the downward pressure, DOGE showed signs of recovery with a 4.49% uptick at press time.