The unique dog-themed memecoin is exhibiting indicators of a bullish reversal, says main crypto analytics platform Santiment.
According to Santiment, Dogecoin (DOGE) is “signaling a possible turning level as soon as crypto markets stabilize” because the variety of wallets will increase.
“Dogecoin, like most meme cash, has been hammered through the two-month crypto-wide retrace. Nevertheless, we suggest keeping track of the rising stage of wallets holding a minimum of a million DOGE, which has recovered through the value dump. Energetic addresses are additionally at four-month highs.”
Santiment says that the variety of Dogecoin wallets holding over a million DOGE has surged by over 1% because the begin of February. In March, the biggest memecoin by market cap has additionally recorded spikes in handle exercise, with the quantity rising to greater than 150,000 lively addresses per day severally.
Dogecoin is buying and selling at $0.166 at time of writing, down by about 62% from the 2025 excessive of round $0.434.
Turning to improvement exercise among the many main crypto initiatives, Santiment says there was a decline within the variety of contributors over the previous month.
“And if we change the angle and zoom in to simply the previous one month, it’s a bit discouraging to see that each ecosystem within the prime 10 has taken their foot off of the gasoline. Improvement exercise occasions have declined throughout the board, with solely Cosmos and Solana seeing an increase in contributors.”
Over the previous six months, Santiment says the one ecosystem that has recorded an increase within the variety of contributors is the layer-2 scaling answer Optimism (OP).
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