Dogecoin network activity has surged, with active addresses jumping 176% over the past week, according to on-chain data from Santiment shared by analyst Ali Martinez. The uptick, coupled with signs of increased holdings among large wallets, has renewed speculation that the meme coin’s price — recently hovering around $0.10 — could be approaching a more volatile phase.
Active Addresses Climb to Multi-Month High
Per data highlighted by Martinez, the number of active Dogecoin (DOGE) addresses rose from 41,557 to 114,662 within a week, marking a 176% increase. Activity accelerated toward the end of the period, pushing the metric above 100,000 for the first time in months.
Active addresses track unique wallets sending or receiving tokens and are often used as a proxy for real network engagement. For Dogecoin — a token known for bursts of retail participation — a sharp increase in address activity can signal a return of trader attention.
Large Holders Accumulate Hundreds of Millions of DOGE
In a separate update, Martinez said wallets classified as large holders accumulated approximately 470 million DOGE over a 72-hour window from March 12 to March 14, citing on-chain data. The increase suggests renewed interest from so-called whales, whose activity can influence liquidity and sentiment.
While accumulation by large wallets does not guarantee sustained price gains, it is frequently monitored by traders as a potential early signal of shifting market dynamics.
Analyst Reactions and Key Technical Levels
The spike in network activity drew quick reactions from market commentators. Crypto analyst Myles G. said Dogecoin could “pump hard soon,” pointing to the jump in active addresses as a possible precursor to stronger price action. Other chart watchers noted that holding above the $0.105 area into the weekly close would help keep momentum constructive, though broader market conditions remain a key variable.
Whether the on-chain uptick translates into upside remains uncertain. Historically, similar surges in Dogecoin network activity have preceded periods of heightened volatility rather than a guaranteed directional move.