Dogecoin: A Surge in Active Addresses—What’s Next?

Dogecoin active addresses have surged dramatically, jumping from 74,640 to 469,477 in a single day. This sudden awakening of the network comes as the SEC reviews multiple Dogecoin ETF applications. But will this renewed interest be enough to propel the price to new heights?

A Spectacular Awakening of the DOGE Network

On May 13, 2025, the Dogecoin network experienced a dramatic surge in activity. Active addresses literally exploded, jumping from 74,640 to 469,477 in just 24 hours—a dizzying 528% increase, according to Glassnode data.

This spectacular surge follows the SEC’s approval of the filing for the 21Shares Dogecoin spot ETF. The announcement was confirmed by the financial services company on X on May 14, creating a wave of optimism in the market.

This frenzy is not isolated. Open interest on DOGE futures jumped 70% in one week, rising from $989 million to $1.65 billion. Even more intriguingly, this increase happens despite a price decline, suggesting significant speculative positioning in anticipation of a major move.

Data from Cointelegraph also reveal strong spot demand. The cumulative volume delta (CVD) over 90 days has shown buyer dominance since early March, a pattern similar to the one preceding the 385% rally to $0.48 in Q4 2024.

Dogecoin ETFs: Catalysts for the Next Leap!

The current enthusiasm centers on four Dogecoin ETF applications under review by the SEC. 21Shares, in partnership with House of Doge – the corporate branch of the Dogecoin Foundation – filed its application on April 9. Nasdaq then submitted the 19b-4 form on April 30 to list the ETF.

Other players are not far behind: Bitwise, Grayscale, and Osprey have all filed their own applications. Bloomberg analysts estimate a 75% chance that a Dogecoin ETF will be approved this year, while the prediction market Polymarket shows odds of 64%.

The 21Shares Dogecoin ETF would use Coinbase Custody as the official custodian and aims to track DOGE performance via the CF DOGE-Dollar US Settlement Price index. This structure would reassure institutional investors seeking regulated exposure to memecoins.

Trader Tardigrade has identified a key resistance level around $0.24. A breakout above this level could drive DOGE up to $0.40, signaling sustained bullish momentum.

Meanwhile, Dogecoin supporter Kriss Pax notes an inverse head and shoulders pattern on the daily chart, suggesting potential for a move up to $0.42.

In summary, the explosion of Dogecoin active addresses combined with growing interest in ETFs paints a promising picture for the memecoin. Should the SEC give the green light and the $0.24 resistance yield, DOGE could follow two very different trajectories toward or away from its 2024 highs.