- DOGE has faced a 2-month price retrace, but large holders continue accumulating during the dip.
- Dogecoin wallets with over 1M coins rose by 1.24%, signaling smart money accumulation trends.
- Active Dogecoin addresses have surged to 4-month highs despite broader crypto market weakness.
Dogecoin continues to struggle as crypto markets remain cautious ahead of key macro events. On Tuesday, DOGE traded at $0.1676 down 2.33% in 24 hours. The meme coin’s market cap stood at $24.88 billion, while daily trading volume rose 11.8% to $1.14 billion.
Dogecoin remained under pressure following a prolonged market downturn that has lasted nearly two months. The broader retrace has impacted most meme coins, including DOGE. However, analysts are watching closely as large holders continue to accumulate.
According to Santiment, wallets holding over one million DOGE have steadily increased. Since early February, these wallets have risen by 1.24%, signaling potential smart money interest. The number of wallets holding over one million DOGE climbed by 62 during this period. In addition, DOGE’s network activity shows signs of revival. The number of active addresses has surpassed 150,000 daily, the highest since mid-November. This uptick comes despite prices trending downward.
Yet, other key metrics reveal a more cautious mood among investors. On-chain data shows DOGE active addresses and transactions have dropped sharply. Santiment data highlights that daily active addresses fell to 70,300 on Tuesday, revealing a significant decrease from over 355,000 recorded last week.
The volume of daily transactions also declined. DOGE transactions dropped to 41,000 from last week’s high of 374,000. This steep decline suggests waning momentum as the broader crypto market consolidates.
Related: Dogecoin Sees Growth From 16,400 to 34,600 as Price Drops
DOGE’s recent price action reflects market uncertainty. The coin traded near $0.1745 earlier this week, hovering slightly above its 2025 low . Traders and investors are focused on the upcoming U.S. Federal Reserve meeting, which is influencing sentiment across all risk assets, including cryptocurrencies.
Despite short-term bearish signals, there are some encouraging signs. Dogecoin’s stock-to-flow ratio has increased to its highest level in months. This metric suggests DOGE supply entering circulation is lower than the existing supply.
Historically, falling active addresses and transactions accompany bearish market phases. Investors tend to reduce participation during steep downward trends. The recent decline in DOGE activity may be part of this broader pattern.
Dogecoin’s price movements and on-chain metrics will likely remain in focus as the market awaits further signals. Many are watching to see whether large wallet accumulation and rising utility could signal a potential reversal once market conditions stabilize.
