Dogecoin (DOGE) Price Defends $0.20 Support as Active Addresses Hit 674K

Dogecoin (DOGE) is defending the $0.20 support level after the SEC's move to acknowledge 21Shares' DOGE ETF filing sparked hope of a recovery

Dogecoin (DOGE) price defended the $0.20 support level after the SEC’s move to acknowledge 21Shares’ (21S.DE) DOGE ETF filing sparked hope of a recovery despite the market-wide pullback.

Daily active addresses also soared to a multi-month high. But with Dogecoin price down by 5% in 24 hours to trade at $0.22 at press time, what’s next for the meme coin?

Dogecoin Price Defends $2.20 as Active Addresses Hit 674,000

DOGE price dropped to $0.22 on Thursday after pulling back from an intraday high of $0.238. The fresh dip coincided with Bitcoin’s (BTC) drop to $101,000, which sparked fear of a return to sub-$100K levels and the end of the recent bull run.

However, DOGE traders remained undeterred as the daily active addresses surged by more than 800% in the last two days from 74,000 to 674,000. These addresses were at the highest level since November 2024.

This massive increase showcased a huge surge in Dogecoin’s network usage and speculative behavior. It may also suggest that some traders were accumulating the dip, highlighting confidence that a Dogecoin price breakout was looming.

The surging daily active address count also coincided with high Dogecoin open interest, which showed that trader interest was still at peak levels and that the bullish momentum had not yet subsided.

The rapid rise in the number of active addresses was linked to two key factors: hype around a spot DOGE ETF approval and the launch of cbDOGE products on the Coinbase (NASDAQ:COIN) exchange.

DOGE ETF Hype Soars After SEC Update

Earlier this week, the SEC acknowledged 21Shares’ filing to offer a spot DOGE ETF product, which is pushing the cryptocurrency closer towards the approval stage as the DOGE community looks up to the October deadline for a decision.

This new development has seen the odds of a spot DOGE ETF getting approved in 2025 increase to 68% on Thursday, reaching the highest level in nearly two weeks. Data from Polymarket also showed that 24% of traders were now anticipating an approval by July 2025.

President Trump’s pro-crypto administration and the confirmation of Paul Atkins as the SEC Chair had increased the odds of more altcoin ETFs launching in the US. Bloomberg noted that Dogecoin had the fourth-highest chance of getting approved after Litecoin (LTC), Solana (CRYPTO:SOL) and XRP (CRYPTO:XRP).

Coinbase cbDOGE Launch Drives Market Interest

Coinbase has also teased the launch of cbDOGE wrapped tokens on the Coinbase layer two network, which is also sparking interest in Dogecoin. In a recent X post, Coinbase stated:

“cbADA, cbDOGE, cbLTC, cbXRP coming soon. These assets are not yet live or available. We will announce their launch at a later date.”

These products have yet to launch, but DOGE holders are anticipating they will ignite a bull run for Dogecoin price. Once live, cbDOGE will be used to conduct Decentralized Finance (DeFi) activity on Base, which is currently the 6th largest DeFi network with $4.74 billion in total value locked (TVL), according to data from DeFiLlama.

DOGE Price Analysis As MACD Buy Signal Emerges

Dogecoin price is eyeing a continuation of the current bullish trends as it attempts to make a decisive weekly close above the neckline resistance of a rounding bottom pattern. If it confirms this breakout, it will trigger an 84% rally to $0.44 in the coming weeks.

The MACD supports the bullish Dogecoin price prediction highlighted in the weekly chart as the MACD line tips north and teases a crossover above the signal line. Doing so will create a buy signal that will push DOGE higher, considering that the last time this signal emerged, the price increased more than fivefold.

However, for this bullish trend to hold, the RSI needs to continue rising and form a series of higher highs above 50. Currently, the RSI has stalled at the zero line, indicating that the buying pressure is weak.

Therefore, as the number of active DOGE addresses spikes, a bullish momentum is likely next for Dogecoin price as it shows a surge in demand and speculative activity. The rising addresses come amid hype around a spot DOGE ETF approval and the launch of cbDOGE products on the Coinbase exchange.

Frequently Asked Questions (FAQs)

1. What’s next for Dogecoin price as active addresses surged by 800%?

2. Will the SEC approve a spot DOGE ETF?

3. If accumulation and