Dogecoin Active Addresses Up 28% Amid Price Stagnation

Dogecoin's network activity has surged amid stagnant price performance, as the cryptocurrency trades around $0.092 following a modest daily gain. Onchain data shows a 28 percent increase in active addresses to approximately 73,000 over the past week, indicating heightened user engagement despite a 2.55 percent weekly price decline. This divergence highlights ongoing interest in the meme coin's utility, even as technical indicators point to short-term bearish pressure.

The price, which hovered near $0.09086 late Tuesday, rose about 2 percent in the preceding 24 hours, buoyed by broader cryptocurrency market recovery. Trading volume climbed 13 percent to $1.1 billion during that period, reflecting increased market participation. Dogecoin has correlated closely with Bitcoin's movements, and analysts attribute the uptick to spot market inflows, where outflows exceeded inflows by $14.25 million, suggesting reduced available supply on exchanges.

Technical analysis reveals challenges for upward momentum. On the four-hour chart, Dogecoin formed a descending triangle pattern, characterized by lower highs and a flat support level, which typically signals continued downside unless a...