Dogecoin Sees Massive Spike in Activity Despite Price Decline

Dogecoin’s network has seen a massive uptick in activity, with the number of active addresses skyrocketing by 400%, according to blockchain analytics.

Data from Santiment, shared by analyst Ali Charts, highlights a surge in active addresses, reaching nearly 395,000. This suggests a renewed interest in Dogecoin, potentially tied to increased development efforts or broader adoption.

The reasons behind the spike remain unclear, but it marks a sharp contrast to the declining engagement seen in previous months.

Between late December 2024 and February 2025, Dogecoin’s price experienced a downturn, accompanied by a drop in daily active addresses, indicating that falling prices discouraged participation. However, since March 2025, both activity and price have shown signs of recovery.

DOGE is currently trading at $0.1649, reflecting a 1.55% dip over the past 24 hours and an 18.39% decline over the past week.

A closer look at capital movements between May 2024 and March 2025 reveals a pattern: periods of capital inflows—such as those in October and November 2024—coincided with price increases, while sustained outflows from December onward mirrored its price decline.