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- Large wallets holding 1M+ DOGE grew by 62, signaling strong accumulation despite recent market volatility.
- Daily active Dogecoin addresses surpassed 150K, marking the highest engagement level since mid-November.
- Rising network activity and large holder confidence suggest potential price stabilization amid broader market fluctuations.
Dogecoin has faced strong selling pressure during the recent two-month crypto retrace. However, Santiment’s latest data highlights a positive shift. The number of wallets holding at least 1 million DOGE has increased. Additionally, active addresses have reached a four-month high. These trends suggest ongoing accumulation and strong network participation. While the price remains volatile, on-chain metrics indicate sustained investor interest.
Growing Large Wallet Holdings
The number of wallets holding over 1 million DOGE has climbed by 62 since February. This increase represents a 1.24% rise in major Dogecoin holders. Consequently, large investors appear to be accumulating despite market fluctuations. This accumulation suggests confidence among long-term holders. Moreover, historical trends show a correlation between wallet growth and price rallies. This metric provides insight into potential future price movements.
Besides, large wallet accumulation often signals reduced selling pressure. Investors who accumulate tend to hold their assets for extended periods. There may be less chance of steep drops. The cryptocurrency may stabilize or perhaps rebound in the upcoming weeks if the trend continues.
Rising Active Addresses Reflect Strong Engagement
Active Dogecoin addresses have exceeded 150,000 per day. This level marks the highest network activity since mid-November. Such spikes indicate growing user engagement and increased transactions. Higher activity often correlates with price volatility and potential market shifts.
Moreover, increased participation reflects sustained network adoption. Active addresses play a crucial role in determining market momentum. A higher number of participants signals continuous interest from both retail and institutional investors. Consequently, this trend could support Dogecoin’s market resilience.
Price Fluctuations and Market Sentiment
Dogecoin price has fluctuated heavily in the past six months. There was a decline after hitting a high in late November 2024. In spite of intermittent rallies, the overall direction has been downward. Heavy wallet accumulation and rising active addresses may, however, be indicative of a recovery phase.
Additionally, the recent stability in price suggests possible consolidation. If network participation remains high, Dogecoin may see renewed bullish momentum. However, broader market conditions continue to influence price movements.
