The Dogecoin network shows increasing activity, as active addresses have increased by 47% during the last month.
The weekly chart shows a bullish reversal doji pattern alongside historical RSI patterns, which suggest a possible price recovery.
And with a Dogecoin ETF proposal currently under review, Dogecoin may be poised for a big move.
Dogecoin’s Active Addresses Surge by 47%
The Dogecoin network shows intense operational activity. According to Glassnode, active addresses have increased by 47% in one month, from 110,000 to 163,000.
This quick rise in user participation indicates both increased user involvement and potential accumulation.
DOGE: number of active addresses | Source: Glassnode
Adding to the bullish sentiment, the SEC recently received Bitwise’s request to launch a Dogecoin exchange-traded fund.
Potential SEC approval would transform the meme coin by enabling institutional investors to access it more easily.
The introduction of Bitcoin ETFs triggered a
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