A dramatic increase in on-chain activity is providing fundamental support for Dogecoin’s price. Data reveals the number of daily active addresses on the Dogecoin network has surged by 176% within a single week, jumping from approximately 41,500 to more than 114,000 wallets. This significant uptick points to genuine transactional use rather than mere network noise, coinciding with a period of price stabilization for the meme cryptocurrency.
Market Context and Price Analysis
While the broader meme coin sector has faced substantial pressure, Dogecoin is demonstrating relative resilience. The total market capitalization for meme coins has contracted sharply from its 2024 highs near $150 billion to roughly $31 billion—a decline of 76%. Within this challenging environment, DOGE maintains a robust daily trading volume exceeding $1.2 billion.
From a technical perspective, DOGE has recently broken out of a multi-week descending channel. The asset is currently testing a key support zone between $0.095 and $0.10. Market experts suggest that maintaining this level could pave the way for a move toward the $0.10 to $0.11 range. Critical resistance levels are observed at $0.1175 and $0.127; converting the latter into support would be necessary for achieving more ambitious price targets. Conversely, a breakdown below the primary support at $0.09 could trigger a decline toward $0.06.
Should investors sell immediately? Or is it worth buying Dogecoin?
Diverging Market Signals
Despite the strong network growth, certain indicators present a mixed picture. The Chaikin Money Flow (CMF) remains in negative territory at -0.1, signaling persistent capital outflows from the asset. However, sentiment in the derivatives market tells a different story. On the Binance exchange, 72.87% of professional traders hold long positions, resulting in a long/short ratio of 2.69, indicating a bullish bias among this cohort.
The X Factor: Speculation Surrounding X Money
A primary catalyst for Dogecoin speculation continues to be Elon Musk’s payments platform, X Money. On March 15, Musk confirmed that public access to the system is scheduled for April 2026, featuring peer-to-peer transfers, bank account integration, and interest of up to 6% on balances.
Notably, Musk’s announcement contained a significant omission: the official launch details made no mention of Dogecoin or any other cryptocurrency. This absence of confirmation triggered a brief price decline of about 1.65% over the weekend. With X Money licenses now active in over 40 U.S. states, the potential for a future crypto integration remains a possibility, though it is entirely unconfirmed for now.
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