Dogecoin (DOGE) Shows Signs of Life as Whales Eye the Meme Coin Despite Price Drop

The Dogecoin network has been experiencing impressive growth recently, with a 72% increase in new $DOGE addresses over the past week.

Dogecoin (CRYPTO: DOGE) new addresses surged 72% last week, with 19,630 new addresses created on Monday alone.

What Happened: According to on-chain data, Dogecoin active addresses also hit a six-month high of 84,306.

The meme coin recorded its biggest jump in active addresses during this period.

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Why It Matters: Despite a recent 18% drop from its peak on Saturday, large investors or “whales” are still showing interest in Dogecoin.

Whales booked profits ahead of the coin’s recent top, and their activity on the network remained high throughout last week.

Technical indicators are also hinting at potential bullish signals.

In the past, when Dogecoin saw a Moving Average Convergence Divergence (MACD) bullish crossover on the weekly chart, the coin rallied 90% and 180%, respectively.

Another MACD bullish crossover could be forming soon, which has traders and investors watching the charts closely.

Price Action: At the time of writing, Dogecoin was trading down 0.6% over 24 hours at $0.1403.

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