Dogecoin Network Activity Soars to 127,570 Active Addresses—Could a Price Surge Follow?

Dogecoin’s network activity has surged to 127,570 active addresses as of May 13, reaching its highest level in over a year. The sharp increase in on-chain activity often precedes price rallies. This raises the possibility of a significant upward move for DOGE as it trades near a key resistance level around $0.25.

The activity on the #Dogecoin $DOGE network has exploded, with 127,570 active addresses! pic.twitter.com/0gngWa57am

— Ali (@ali_charts) May 14, 2025

Supporting the surge, Glassnode data shows that from mid-April to early May, Dogecoin’s active addresses remained steady between 60,000 and 80,000. However, starting around May 8, the number nearly doubled within five days, signaling renewed interest.

Notably, this spike coincided with DOGE’s price recovering from a local low of $0.16 to $0.24, suggesting accumulation may be underway.

Bullish Signs in Derivatives

Beyond on-chain activity, further bullish signals come from the derivatives market. According to CoinGlass, open interest in Dogecoin futures, which shows the total value of active contracts, has risen to $3.03 billion, an increase of $280 million from recent lows. Interestingly, the rise in futures activity suggests stronger market engagement as DOGE nears resistance at $0.25.

The positive funding rate of 0.0105% also suggests that buyers are confident enough to pay short sellers to keep positions open. This dynamic often precedes price breakouts when long traders show conviction despite sideways price action.

Regulatory Progress Adds to Bullish Sentiment

On the regulatory side, the U.S. Securities and Exchange Commission (SEC) has acknowledged an ETF filing for Dogecoin by 21Shares. This adds the application to the public record and begins the SEC’s review, a process that can last up to 240 days.

The SEC is also reviewing a similar ETF filing from Grayscale that was submitted earlier this year. While acknowledgment is just the first step, it signals ongoing interest in legitimizing Dogecoin-based financial products.

Consequently, with on-chain metrics, market derivatives, and regulatory progress aligning, the potential for a Dogecoin price surge is gaining attention as it tests a critical resistance level.