Dogecoin’s (DOGE) daily active addresses surged to 57,500 on May 28, a 94% increase compared to the previous day and the highest level since early March.
Throughout May, Dogecoin’s network had shown muted activity, with daily active addresses ranging between 25,000 to 30,000. This sharp increase represented nearly double the month’s baseline and stood out as a clear anomaly.
A potential catalyst might be the updated preliminary prospectus for the 21Shares Dogecoin ETF, filed the same day. It is not a new application per se, but Bloomberg ETF analyst Eric Balchunas clarifies that it is an amendment to an earlier filing.
He noted that such amendments typically follow internal reviews or regulatory feedback.
Whale Transactions Decline as Retail and Mid-Tier Wallets Accumulate
Despite rising address activity, Dogecoin’s whale transactions remain muted.
On May 28, DOGE recorded only 43 transactions over $100,000 and 5 over $1 million, showing a continued cooldown in high-value transfers since March. Additionally, Dogecoin Whales hold 41.74% of DOGE supply, while mid-tier investors hold 20.5%, and retail holders account for 37.76%.
The relatively balanced distribution shows that Dogecoin is not overly concentrated among whales, allowing retail and mid-tier wallets to play a more active role in market direction. This contrasts with other memecoins that often rely on a small number of addresses for most liquidity.
Santiment data also shows continued accumulation by wallets holding 1M–10M DOGE, with minor increases observed among 10M–100M DOGE holders. The total number of DOGE holders has increased to 7.54 million, up 0.8% in the last two weeks, reinforcing a trend of growing long-term participation.
DOGE Price Approaches Apex of Descending Triangle
DOGE is currently trading around $0.224 on the 4-hour chart, locked in a descending triangle pattern. This structure features a flat support level at $0.215 and a descending resistance trendline starting near $0.26, now pressing near $0.23.
The relative strength index (RSI) is neutral at 49.3, indicating a lack of momentum in either direction. Volume has remained relatively low, further reinforcing that the current price zone reflects indecision.
A breakout above the $0.23 resistance level could push DOGE toward the $0.25–$0.27 range, which marks the next supply zone based on previous price rejections in early May. A failure to break above the resistance could trigger a decline toward $0.20, especially if the $0.215 support breaks.
