Dogecoin (DOGE) Active Addresses Surge 528% Ahead of Spot ETF Filings

On May 13, Dogecoin (DOGE) witnessed a staggering 528% increase in active addresses, soaring from 74640 to 469477, signaling robust network activity and growing investor interest.

Key Takeaways:

Dogecoin's active addresses surged 528% to 469,477.

DOGE’s futures open interest rose 70% to $1.65 billion, indicating strong speculative interest.

On May 13, Dogecoin (DOGE) experienced a staggering 528% increase in active addresses, surging from 74,640 to 469,477, according to blockchain analytics firm Glassnode. This significant surge in network activity signifies a potential surge in investor interest in the memecoin.

The staggering rise in active addresses follows an update to 21Shares’ filing for a spot Dogecoin ETF, receiving acknowledgement from the US Securities and Exchange Commission (SEC). The financial services firm confirmed the development on X on May 14.

The filing, which aims to track the price of Dogecoin, is being made in collaboration with a leading institutional crypto market maker. This effort aligns with similar initiatives by Bitwise and Grayscale to list crypto ETFs, hinting at a broader movement towards mainstream adoption.

The news of the updated filing contributed to the surge in network activity, as evidenced by a 528% increase in active addresses and a 567% rise in new addresses from the previous day.

Furthermore, Glassnode reported that DOGE futures open interest rose 70% over the past week, climbing from $989 million to $1.65 billion, despite a price pullback from recent highs.

This decoupling of open interest and price suggests persistent speculative positioning, a trend Glassnode noted as “worth monitoring” for potential volatility.

DOGE has also seen strong spot-buyer demand, and Benzinga reported that DOGE’s spot taker 90-day cumulative volume delta (CVD) is currently "taker buyer dominant," showcasing more aggressive buying than selling since early March.

This pattern typically precedes a substantial price rally, which aligns with DOGE's 385% surge to $0.48 from lows of $0.10 in Q4 2024. Additionally, the long-term holder net unrealized profit/loss (NUPL) for DOGE holders (holding at least 155 days) recently surpassed 0.5, signaling an optimistic “belief” sentiment.

With the network's activity booming, speculative interest rising, and spot buyers remaining dominant, Dogecoin's market dynamics are setting the stage for a potential price run to its range highs.

Price predictions 5/14: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX

Dogecoin price targets $0.40

Crypto analyst Trader Tardigrade noted that DOGE has hit a key resistance level around $0.24, with a brief consolidation phase expected over the next few days. A breakout above this resistance could propel DOGE to $0.40, signaling healthy upward momentum.

Meanwhile, Dogecoin proponent Kriss Pax highlighted an inverse head-and-shoulders pattern on the 1-day chart, suggesting a potential surge to $0.42 with the pattern reflecting a bullish breakout. The trader said, “We’re looking at some serious strength here in Doge. It’s pulled back from recent highs but is holding critical support. An I.H.S. pattern has formed on the 1-day candle and we’re seeing a bullish breakout from the pennant.”