Recent data shows Dogecoin’s active addresses have surged significantly, prompting speculation about potential price changes. As of May 14th, we see a remarkable increase of over 990% in these addresses. This jump coincides with increased interest from investors anticipating the launch of a Dogecoin ETF and Coinbase products.
The surge in on-chain activity is particularly noteworthy due to its unprecedented scale. Daily active addresses have soared to multi-month highs, signifying a strong level of trader engagement.
While this surge is intriguing, it’s important to note that Dogecoin’s price remains relatively stable around $0.22. The market responded cautiously, reflecting a cautious approach in the face of speculative activity. Open interest on futures markets remains high, suggesting potential for price volatility based on the anticipation of a future breakout.
Historical data supports this expectation, highlighting that increased on-chain activity often precedes price shifts. Technical indicators like the MACD buy indicator further solidify these predictions, providing valuable insights into potential future price movements.
**Important Disclaimer:** Remember, cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions for informed decision-making.