- Dogecoin saw a sharp increase in active addresses and futures open interest following updates to a spot ETF filing.
- Speculative activity remained high, with futures open interest reaching $1.65 billion despite recent price pullbacks.
- Technical indicators suggested Dogecoin may target $0.40, according to crypto analysts.
On May 13, Dogecoin (DOGE) experienced a significant rise in network activity as the number of active addresses jumped by 528%, reaching 469,477 in a single day. This increase occurred after 21Shares updated its spot Dogecoin ETF application, which was officially recognized by the U.S. Securities and Exchange Commission (SEC).
According to a statement shared by 21Shares on X on May 14, the updated filing aims to enable direct investment in Dogecoin through traditional financial channels. This move follows comparable efforts by Bitwise and Grayscale as companies look to track DOGE’s market performance.
Recent data from Glassnode indicated that open interest in Dogecoin futures rose 70% during the past week, moving from $989 million to $1.65 billion. While Dogecoin’s price has retreated from its recent highs, the increase in futures open interest suggests there is still strong speculative interest in the memecoin. Glassnode noted that this trend could signal future market volatility and is “worth monitoring.”
Spot market data showed continued demand, with Cointelegraph reporting that Dogecoin’s 90-day cumulative volume delta (CVD) reflected more buyer activity than seller activity since early March. This buying pattern appeared before Dogecoin’s previous rally of 385% to $0.48 in Q4 2024.
Other market signals have been positive as well. The net unrealized profit/loss (NUPL) for long-term Dogecoin holders—those holding for at least 155 days—recently rose above 0.5, a level historically linked to an optimistic investor sentiment.
Chart analysis from crypto analyst Trader Tardigrade indicated that DOGE was trading near resistance at $0.24. The analyst said a breakout could send Dogecoin toward $0.40. Kriss Pax, another supporter, pointed out an inverse head-and-shoulders pattern on the daily chart, suggesting the potential for a move to $0.42. According to Pax on X, “Opportunities for buying dips will come. Some will swing trade. But when $DOGE decides to take off, you will want to be on board.”
At the time of reporting, Dogecoin remained rangebound between $0.22 and $0.25. Analysts expect near-term consolidation, but technical patterns continue to favor a possible move higher if resistance levels are surpassed.
This report does not provide investment advice. Investors are encouraged to research independently before making any decisions.
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