Dogecoin (DOGE) is defending the $0.20 support level after the SEC’s move to acknowledge 21Shares’ DOGE ETF filing sparked hope of a recovery despite the market-wide pullback. Daily active addresses have soared to a multi-month high, but with Dogecoin price down by 5% in 24 hours to trade at $0.22 at press time, what’s next for the meme coin?
Dogecoin Price Defends $2.20 as Active Addresses Hit 674,000
DOGE price dropped to $0.22 on Thursday after falling from an intraday high of $0.238. The dip coincided with Bitcoin’s drop to $101,000, which triggered fear of a return to sub-$100K levels and the end of the recent bull run.
However, DOGE traders remain relentless after the daily active addresses surged by more than 800% in the last two days from 74,000 to 674,000. These addresses are at the highest level since November 2024.
DOGE Active Addresses
This increase points toward a massive surge in Dogecoin’s network usage and speculative behaviour. It may also suggest that some traders are accumulating the dip, highlighting confidence that a Dogecoin price breakout is looming.
The surging daily active address count also coincides with high Dogecoin open interest, which shows that trader interest is still at peak levels and that the bullish momentum has not subsided.
The rising number of active addresses is linked to two factors: hype around a spot DOGE ETF approval and the launch of cbDOGE products on the Coinbase exchange.
DOGE ETF Hype Soars After SEC Update
Earlier this week, the SEC acknowledged 21Shares’ filing to offer a spot DOGE ETF product, and this is driving bullish momentum towards the Dogecoin price. This acknowledgement places the product closer towards approval, as the DOGE community looks up to the October deadline.
The move has seen the odds of a spot DOGE ETF gaining approval in 2025 soaring to 68% on Thursday, which is the highest level in nearly two weeks. Data from Polymarket also shows that 24% of traders anticipate approval by July 2025.
Dogecoin ETF Approval
President Trump’s pro-crypto administration and the confirmation of Paul Atkins as the SEC Chair have increased the odds of more altcoin ETFs launching in the US. Bloomberg notes that Dogecoin has the fourth-highest chance of gaining approval after Litecoin, Solana, and XRP.
Coinbase cbDOGE Launch Drives Market Interest
Coinbase has teased the launch of cbDOGE wrapped tokens on the Coinbase layer two network, which is also spiking the market interest towards Dogecoin. In a recent X post, Coinbase stated,
“cbADA, cbDOGE, cbLTC, cbXRP coming soon. These assets are not yet live or available. We will announce their launch at a later date.”
These products have yet to launch, but DOGE holders anticipate they will drive a bull run for Dogecoin price. Once live, cbDOGE will be used to conduct DeFi activity on Base, which is currently the 6th largest DeFi network with $4.74 billion in TVL per data from DeFiLlama.
DOGE Price Analysis as MACD Buy Signal Emerges
Dogecoin price eyes a continuation of the current bullish trends as it attempts to make a decisive weekly close above the neckline resistance of a rounding bottom pattern. If it confirms this breakout, it will trigger an 84% rally to $0.44 in the coming weeks.
The MACD supports the bullish Dogecoin price prediction highlighted in the weekly chart as the MACD line tips north and teases a crossover above the signal line. Doing so will create a buy signal that will push DOGE higher, considering that the last time this signal emerged, the price increased over fivefold.
DOGE/USDT: 1-Week Chart
However, for this bullish trend to hold, the RSI needs to continue rising and form a series of higher highs above 50. Currently, the RSI has stalled at the zero line, indicating that the buying pressure is weak.
Therefore, as the number of active DOGE addresses spikes, a bullish momentum is likely next for Dogecoin price as it shows rising demand and speculative activity. The rising addresses come amid hype around a spot DOGE ETF approval and the launch of cbDOGE products on the Coinbase exchange.
The post What’s Next For Dogecoin Price as Active Addresses Soar 800% Amid DOGE ETF Hype? appeared first on CoinGape.
