Dogecoin (DOGE) Engagement Surge

Dogecoin (DOGE) is witnessing a surprising increase in user engagement, with on-chain data revealing a 400% rise in active addresses.

What’s Driving the Surge in Active Addresses?

According to Santiment’s data, as reported by crypto analyst Ali Charts, active addresses soared to nearly 395,000, marking that 400% spike.

This indicates an increasing number of users on the network, suggesting potential growth in development activity too. While the exact reason for the surge remains unclear, it shows growing interest in Dogecoin amidst recent price fluctuations.

> #Dogecoin $DOGE on fire! On-chain data from @santimentfeed shows that active addresses skyrocketed 400% to nearly 395,000.
> — Ali (@ali_charts) March 15, 2025

How Has DOGE’s Price Been Performing?

From late December 2024 to late February 2025, Dogecoin’s price exhibited a downward trend, accompanied by a decrease in daily active addresses. This suggests that lower prices had previously discouraged user involvement.

Related: Active Dogecoin Wallets Hit 9.5 Million: A Step Toward Mainstream Use?

Notably, since March 2025, the surge in daily active addresses has coincided with a slight recovery in DOGE’s price. As of now, DOGE is trading at $0.1649, down 1.55% in the last 24 hours and 18.39% over the past week.

What’s the Connection Between Capital Flows and Price?

There is a strong correlation between market sentiment and DOGE’s price. Analyzing capital inflows from May 2024 to March 2025, inflows during October-November 2024 corresponded with spikes in DOGE’s prices (green bars on the chart).

Source: Coinglass

From December 2024 through March 2025, the decline in DOGE’s price was tied to net capital outflows.

What the Technical Indicators Say

Technical indicators, including the RSI and Moving Average Convergence Divergence (MACD), reflect a bearish sentiment surrounding DOGE.

Source: TradingView

The RSI stands at 37.62, nearing oversold conditions, which may indicate a potential price reversal if it recovers. A value below 30 typically suggests that DOGE is oversold, hinting at the possibility of upward movement.

Related: Dogecoin: Stock RSI Flashes Buy, Can DOGE Break $0.24 Resistance?

However, the MACD indicator confirms a bearish divergence on the daily chart with the MACD line (blue) below the signal line (orange). The MACD histogram has turned bullish, showing green bars.

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