Recently, Dogecoin has shown notable underlying strength, even while consolidating near the critical $0.25 resistance level after a notable rally. This period has been marked by a substantial uptick in on-chain activity, signaling robust engagement. IntoTheBlock data revealed a 41.12% spike in high-volume DOGE transactions, movements often associated with whale and institutional investors, indicating growing confidence.
Concurrently, daily active addresses on the Dogecoin network increased by nearly 35%, with analyst Ali Martinez reporting figures around 127,570, reflecting heightened user interaction. This buzz is amplified by derivatives market data from Coinglass, which has shown a long/short ratio on Binance’s DOGEUSDT pair standing at 3, indicating that 75.08% of traders were holding long positions, a clear sign of optimistic sentiment.
Furthermore, reports indicate large investors accumulated over 1 billion DOGE tokens (worth over $223 million) in just the past month. Despite this bullish undercurrent, the Dogecoin price has encountered some resistance around the $0.22-$0.23 area, with trading volume occasionally dipping, hinting at moments of consolidation.
