Dogecoin Active Addresses Surged 28% in the Past Week, but Price Still Stuck

Network activity in the Dogecoin ecosystem has ticked up in the past seven days, but technical analysis shows the price is yet to break out.

Dogecoin (DOGE) might be struggling, but its network is getting an uptick in attention, as disclosed by recent on-chain data. Participation has increased over the past seven days, with users keen on the meme coin regardless of the broader market conditions.

Key Points

• Dogecoin’s active addresses have surged 28% in the past week from 57,000 to 73,000.
• When active addresses increase, it suggests more wallets are interacting with the network’s native tokens and, in some cases, accumulating them.
• Coinglass data show that spot accumulation has increased over the past seven days.
• Despite this positivity, Dogecoin remains stuck within a descending triangle.

Dogecoin Active Addresses Increased to 73,000

Market analyst Ali Martinez highlighted in a recent X post that Dogecoin’s active addresses have surged 28% in the past week. The metric rose from 57,000 to 73,000, continuing its recovery process.

For context, active addresses represent the number of unique wallets that interacted with a chain in a given period. More users mean more adoption, as they might simply be moving their holdings to new locations or participating in other activities possible on the blockchain. Generally, this is good for any network, and in this case, Dogecoin.

Furthermore, it could suggest more demand for DOGE. When active addresses increase, it confirms that more wallets are interacting with the network’s native tokens and, in some cases, accumulating them. Such activities also foster positive sentiment within the Dogecoin ecosystem.

Notably, Coinglass data show that spot accumulation has increased over the past seven days, providing context for the increase in active addresses. During this period, $541.28 million in DOGE left exchanges for self-custody addresses, compared with $481.3 million that came in, bringing the netflow to nearly -$60 million.

DOGE Price Still Stuck

Despite this positivity, Dogecoin remains in bearish territory. While active users grew 28%, its price fell by 2.55% in that timeframe. At the time of writing, the token trades at $0.0913, down 1.76% in the past 24 hours.

A parallel analysis from Martinez also highlighted that Dogecoin is stuck within a descending triangle on the 4-hour chart. This structure began to take shape around the January 28 highs of $0.127, with price forming lower highs while maintaining a base around $0.086.

Attempts to break out have proven futile, with the neckline resistance proving too strong to overcome. For context, DOGE peaked at $0.117 on February 15, $0.104 on March 17, and $0.979 on March 25, and these tops aligned with the triangle’s upper trendline.

Martinez had earlier noted that if the meme coin broke out of this triangle, a 29% move would follow. This is in line with the distance between the structure’s peak and lower range.