Dogecoin (DOGE) has witnessed a notable surge in network activity despite persistent price volatility. Data from IntoTheBlock shows that 157,190 addresses became active within the past 24 hours, marking a substantial 34.91% increase. This heightened activity indicates that investors are showing renewed interest in the meme-based cryptocurrency.
Accumulation Spikes Amid Price Decline
Interestingly, the surge in activity has occurred during a market-wide downturn. Dogecoin’s price currently trades at $0.1996, reflecting a 2.19% drop over the same period. The coin has breached the $0.20 support level three times but has managed to rebound each time. Analysts suggest that the increased wallet activity points to massive accumulation by market participants who anticipate a potential breakout once selling pressure eases.
Related article: Whales Buy 1B DOGE as Dogecoin Rebounds Above $0.20
Further fueling speculation, Dogecoin whales have accumulated over 1.1 billion DOGE in the past 48 hours. Some market watchers consider this aggressive buying risky because recent liquidations have outweighed demand, contributing to downward pressure on the price. However, the consistent whale activity indicates that large holders remain confident in Dogecoin’s mid-term prospects.
Potential Price Scenarios
If buying momentum continues, analysts believe DOGE could reclaim the $0.20 resistance zone. Failure to do so might push the price lower toward the next support level at $0.191. Currently, trading volume has dropped 17.91% to $1.45 billion, suggesting weakened short-term market activity. A rebound in volume could fuel a stronger price recovery.
Related article: Dogecoin Price Climbs 2.36% as Open Interest Hits $4.38B
Given the ongoing accumulation trend, large holders could step in once more to stabilize Dogecoin’s price. They previously purchased more than a billion DOGE when the coin dropped to $0.194. With network activity surging and investor engagement rising, market observers are closely watching whether these whales will initiate another buying round to support a potential rally.
