Important takeouts:
Dogecoin’s active addresses skyrocketed from 528% to 469,477.
Doge’s public interest on futures rose 70% to $1.65 billion, indicating strong speculative interest.
On May 13, Dogecoin (Doge) witnessed an increase of 528% in active addresses, rising from 74,640 to 469,477, signaling robust network activity and raising investor interest. The surge was approved by the U.S. Securities and Exchange Commission (SEC) following an update to the application for the 21-share Spot Dog Coin ETF. The financial services company confirmed the development of X on May 14th.
The filing aimed at tracking Doge’s prices is consistent with similar efforts by Bitiwise and Grayscale, suggesting potential mainstream adoption. The news has promoted market optimism and led to an increase in Memecoin’s network activity.
In addition to momentum, GlassNode reported that open interest in Doge futures rose 70% last week, rising from $989 million to $1.65 billion despite price hikes from recent highs. This open interest and price separation suggests a sustained speculative position, a GlassNode of trends that has been pointed out as “worthy to monitor” for potential volatility.
Doge is also seeing demand from strong spot buyers, with Cointelegraph reporting that Doge’s Spot Taker 90-day cumulative volume Delta (CVD) is now the “Taker Buyer Dominant”, reflecting more aggressive purchases than sales since early March.
This pattern came to $0.48 ahead of a 385% rally in the fourth quarter of 2024. Furthermore, DOGE owners’ long-term holder net unrealized gains/losses (NUPL) (holding at least 155 days) has recently exceeded 0.5, indicating optimistic “belief” sentiment.
With network activity booming, speculative interest and spot buyers dominating, Dogecoin’s market dynamics sets stages for the range of potential price ranges.
Related: Price forecast 5/14: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, LINK, AVAX
Dogecoin Price aims at $0.40
Crypto Analyst Trader’s Tardigrade notes that Doge has reached a critical resistance level of around $0.24, with short integration expected over the next few days. This breakout out outstrips Doge to $0.40 and shows healthy upward momentum.
Meanwhile, Dogecoin supporter Kriss Pax highlights the reverse head and shoulder pattern on the one-day chart, suggesting a potential spike of $0.42 in a pattern that reflects bullish breakouts. The trader said,
“You’re stuck between $0.22 and $0.25. You’ll have the opportunity to buy a dip. Some people swing trade. But if $Doge decides to take off, you’d want to board.”
Related: Bitcoin Bulls are aiming for a new all-time high by next week as capital inflows surge
