Dogecoin Jumps 6% as Network Activity Explodes—Meme Coin Defies Gravity Again

Dogecoin’s price surges as on-chain metrics flash bullish—retail traders pile in while Wall Street analysts scramble to justify the move.

Network activity hits multi-month highs, proving once again that crypto markets run on vibes, not fundamentals. Meanwhile, Bitcoin maximalists grind their teeth.

Another day, another meme coin rally. At least this one’s got better branding than most shitcoins—even if the ’fundamental value’ still amounts to Elon Musk tweets and Shiba Inu memes.

Why is Dogecoin up on 6%?

Dogecoin’s rise partially reflects momentum across the crypto market. On the same day, Bitcoin broke to a new all-time high of 111,861 dollars. Most of the top 100 crypto assets were trading in the green, with several posting double-digit gains.

Beyond market-wide trends, Dogecoin is also benefiting from strong technicals and improving on-chain metrics. Notably, whales continue to accumulate the asset. Addresses holding between 1 and 10 million Dogecoin have added about 800 million tokens since the start of May.

Network activity has also surged. Active Dogecoin addresses ROSE by 990 percent over the past week. This sharp uptick came as Coinbase issued a wrapped version of Dogecoin, known as cbDOGE, on the Base network. This new version enables users to stake, trade, and lend their Dogecoin tokens on Base-based decentralized finance platforms.

Traders are also speculating on the potential approval of several Dogecoin exchange-traded funds, including proposed offerings from Grayscale and Bitwise. This has contributed to a growing bullish outlook among investors.