Dogecoin Active Addresses Don Reach Multi-Month High As Retail Interest Dey Rise, ETF Speculation Dey Happen, And Whale Distribution Dey Shift
Dogecoin (DOGE) don go record big upswing for network activity, as active addresses don jump go record 1.6 million for just one day, and new wallet wey dem create don pass 1.2 million. Recent, everyday active addresses don reach 57,500 on May 28, na 94% jump from di day before and di highest since March, wey coincident with news about di amended 21Shares Dogecoin ETF prospectus. Whale transactions don remain small small compared to previous times dem jump, with only 43 transactions above $100,000 and 5 above $1 million, wey show say DOGE supply distribution don shift go small small holders. Whales now hold 41.74%, mid-tier investors 20.5%, and retail holders 37.76%, wey show say di concentration don reduce and more retail people don dey participate. Di number of DOGE holders still dey rise, now at 7.54 million—wey be 0.8% increase over two weeks—wey show say long-term interest still dey. Even with di big jump for on-chain engagement, Dogecoin price movement still dey inside one range, dey trade near $0.224 and dey struggle to break above di main resistance at $0.23. Support dey at $0.215, with risk to drop to $0.20 if dis level fail. If bullish momentum go continue, e go likely need strong breakout with high trading volumes. Overall, even though network growth and ETF news dey boost sentiment and retail involvement, di price still dey under pressure unless stronger money come in or demand-side catalysts show face.
Neutral
Dogecoin don see big jump for network activity and small small traders wey hold am, partly because of gist say DOGE ETF fit dey come. But, dis kain good news wey dey show for inside di network no really make di price jump up well well, because big big transactions from whales still slow and di price still dey waka for inside di levels wey dem don set. Di rise for active addresses and who get am show say small small people dey enter, but if big money no enter and di price no break out of di resistance levels, di price still dey neutral for short term. Traders suppose dey watch out for constant network activity, how much dem dey trade, and wetin go happen with ETF for future, because how long di rally go last depend on how many people dey enter di market and wetin dem dey demand.