- The number of active Dogecoin users, the amount of transacted coins, and whale trading activity are all seeing an upward trend.
- Data from the network points to increased retail and whale involvement, which led to the price rising above $0.22 in mid-May.
- Though activity has softened a bit, the high levels suggest Dogecoin could rise further.
Key signs in the blockchain now indicate that interest in Dogecoin, the well-known meme coin, may be increasing. Three major metrics on the meme coin’s network are rising, according to Ali, and they are, the active addresses, the number of transactions, and the involvement of large investors.
Investors interpret these gains as a positive sign that can encourage more growth in the price of Dogecoin.
Ali’s Chart Shows Dogecoin’s New Momentum Building Up
Recently, Ali released a chart showing the changes in the aforementioned variables over the past weeks. Dogecoin (DOGE) saw its monthly growth start in late April and peak at just over $0.22 in mid-May.
Source: X @ali_charts
At the same time, there was a surge in daily active addresses, indicating that many more people were actively sending or receiving DOGE tokens. The purple line on the chart represents the active addresses, and it shows a spike between May 10 and 12, indicating that more people were interested in buying this meme coin.
Transaction Volume Goes Up as the Price Increases
In addition to the rise in addresses, the transaction volume measured in USD and shown in red also rose dramatically for DOGE. This indicates that people are not just using Dogecoin more often, but are also transferring more of the cryptocurrency.
This captures how whales typically operate by making substantial transactions. Whale activity, shown as orange bars in the chart, increased significantly in May and reached even higher levels right before the price peaked recently.
Although the price of DOGE has pulled back slightly to $0.208 by May 16, 2025, the increased activity shows that the network is still strong. An increase in activity by both average and large traders suggests that Dogecoin could have more to offer.