Dogecoin Active Addresses Hit Multi-Month High Amid Surging Retail Interest, ETF Speculation and Whale Distribution Shift
Dogecoin (DOGE) has recorded an unprecedented upswing in network activity, with active addresses jumping to a record 1.6 million in a single day and new wallet creations exceeding 1.2 million. More recently, daily active addresses reached 57,500 on May 28, a 94% surge from the previous day and the highest level since March, coinciding with news about the amended 21Shares Dogecoin ETF prospectus. Whale transactions have remained subdued compared to previous spikes, with only 43 transactions above $100,000 and 5 above $1 million, reinforcing a shift in DOGE supply distribution towards smaller holders. Whales now hold 41.74%, mid-tier investors 20.5%, and retail holders 37.76%, reflecting reduced concentration and greater retail participation. The number of DOGE holders continues to rise, now at 7.54 million—an increase of 0.8% over two weeks—signaling ongoing long-term interest. Despite the surge in on-chain engagement, Dogecoin’s price action remains range-bound, trading near $0.224 and struggling to break above key resistance at $0.23. Support lies at $0.215, with the risk of a drop to $0.20 if this level fails. Sustained bullish momentum would likely require a convincing breakout with high trading volumes. Overall, while network growth and ETF news are boosting sentiment and retail involvement, the price remains under pressure unless matched by stronger capital inflows or demand-side catalysts.
Neutral
Dogecoin has experienced a notable surge in network activity and retail holder participation, partly fueled by speculation about a potential DOGE ETF. However, these bullish on-chain signals have not translated into significant upward price action, as major whale transactions remain subdued and price continues to trade within established technical ranges. The increase in active addresses and holder distribution suggests growing retail involvement, but without substantial capital inflows or a decisive technical breakout above resistance levels, the price outlook remains neutral in the short term. Traders should monitor for sustained network activity, trading volume, and future ETF developments, as the sustainability of the rally depends on broader market participation and demand.