Dogecoin (DOGE) has experienced a significant surge in network activity, with active addresses increasing by 528% to 469,477 on May 13. This uptick coincides with the U.S. Securities and Exchange Commission’s (SEC) acknowledgment of 21Shares’ updated filing for a spot Dogecoin exchange-traded fund (ETF), fueling investor optimism about mainstream adoption.
The heightened network engagement is complemented by a 70% rise in DOGE futures open interest, reaching $1.65 billion. This growth suggests strong speculative interest, even as DOGE’s price experiences a slight pullback from recent highs.
Market analysts are closely monitoring DOGE’s price movements, with some identifying bullish patterns that could indicate a potential rally. Technical indicators, such as the inverse head-and-shoulders pattern observed on the 1-day chart, suggest that DOGE may target the $0.40 to $0.42 range if current trends continue.
As of the latest data, Dogecoin is trading at approximately $0.22766, reflecting a modest decline of 0.03649% from the previous close. The cryptocurrency’s intraday high and low stand at $0.236859 and $0.223484, respectively.
The convergence of increased network activity, speculative interest, and positive technical indicators positions Dogecoin as a cryptocurrency to watch in the coming days, especially as developments around the proposed ETF continue to unfold
