- Large DOGE wallet holdings rise, signaling growing confidence from institutional investors.
- Active Dogecoin addresses hit 4-month highs, reflecting increased utility and adoption.
- DOGE nears oversold RSI levels, suggesting a potential price rebound if selling slows.
Dogecoin (DOGE) has faced significant pressure in the last two months, following the broader crypto market retracement. Despite the price decline, market analysts have identified key trends suggesting a potential recovery.
According to Santiment, a top crypto analytics firm, there has been a notable increase in large wallet holdings and active addresses, signaling renewed investor interest. The rising engagement levels indicate that Dogecoin could be positioning itself for a rebound, contingent on overall market conditions.
🐶📈 Dogecoin, like most meme coins, have been hammered during the 2-month crypto-wide retrace. However, we recommend keeping an eye on the rising level of wallets holding at least 1M $DOGE, which has recovered during the price dump. Active addresses are also at 4-month highs. pic.twitter.com/v4Vx5ifmQv
— Santiment (@santimentfeed) March 17, 2025
Rising Institutional Confidence
One of the most significant observations is the growing number of wallets holding at least 1 million DOGE. Since early February, these wallets have increased by 1.24%, indicating renewed confidence among institutional and high-net-worth investors.
Such accumulation often suggests smart money involvement, which historically precedes price recoveries in the crypto market. Investors accumulating DOGE at lower prices could be anticipating a potential uptrend in the near future.
Surging Active Addresses
In addition to large holders increasing their positions, active Dogecoin addresses have reached a four-month high. Over 150,000 addresses are actively transacting daily, the highest level since mid-November. This rise in utility reflects heightened adoption and usage of DOGE, making it more than just a speculative asset. Increased activity often correlates with growing demand, which could support price stabilization or future appreciation.
Price Trends and Market Sentiment
As of press time, Dogecoin is priced at $0.1675, experiencing a 3.34% decline over the past 24 hours. However, over the past seven days, DOGE has shown resilience, gaining 4.40%. With a circulating supply of 150 billion DOGE, its market capitalization stands at approximately $24.86 billion. Market sentiment remains mixed, with short-term volatility still evident.
Liquidation Trends and Speculative Behavior
An analysis of Dogecoin’s price movement alongside liquidation data reveals a clear boom-and-bust cycle. The price initially surged past $0.40, leading to mass liquidation of long positions. A subsequent decline below $0.30 triggered short liquidations.
Eventually, the price stabilized near $0.20, showing minor fluctuations. These patterns indicate a highly speculative market, where overleveraged positions contribute to heightened volatility.
Technical Indicators Suggest Possible Reversal
Technical indicators offer insights into Dogecoin’s potential price direction. The Relative Strength Index (RSI) currently sits at 36.90, nearing oversold conditions. A drop below 30 could signal a price rebound.
Meanwhile, the Moving Average Convergence Divergence (MACD) remains bearish, though the declining histogram suggests weakening selling pressure. A shift in momentum could pave the way for a trend reversal in the near future.
