Santiment data shows that Dogecoin whale wallets have been recovering since February, while active addresses have hit a 4-month high.Dogecoin has experienced a steady downtrend over the past month, aligning with declines in the broader memecoin market. While the short-term movement remains negative, recent on-chain data and technical indicators suggest potential signs of recovery.Whale Accumulation and Network ActivityAccording to data from Santiment, Dogecoins on-chain metrics highlight bullish signals, particularly in whale accumulation and network activity. Since February 2025, the number of wallets holding at least 1 million DOGE has increased by 62, marking a 1.24% rise. This accumulation by large holders, often referred to as smart money, signals potential confidence in the assets long-term outlook despite the recent downtrend.Meanwhile, daily active addresses interacting with Dogecoin have surged past 150,000, the highest level recorded since mid-November 2024. This increase in active wallets suggests higher user engagement within the Dogecoin network. Confirming this surge in active addresses, network data by IntoTheBlock from the past week shows significant growth. New addresses rose by 102.4%, active addresses increased by 111.32%, and zero-balance addresses grew by 155.58%.Screenshot 2025 03 18T095031945Dogecoin Daily Active AddressesTechnical Indicators and Potential BreakoutFurthermore, technical analysis points to a possible price shift. A well-followed market analyst, Trader Tardigrade, has noted the formation of a doji candlestick on Dogecoins weekly chart. A doji occurs when an assets opening and closing prices are nearly identical, signaling indecision in the market. While neutral on its own, this pattern can indicate a shift in trend when placed in a broader market context. Notably, a similar pattern preceded Dogecoins 240% surge in Q4 2024.Another analysis from TradingView highlights Dogecoins potential breakout from a multi-month falling wedge. The market watcher emphasized that maintaining the support level is critical for further gains. The analysis outlines potential price targets, with the first profit level at $0.4638 and the second at $0.5534. The final target stands at $0.6542, representing a possible 281% increase from the current price.Dogecoin Price MovementsOver the past 24 hours, Dogecoins price has declined by 2.1%. However, the 7-day trend shows a 4.9% increase, indicating short-term recovery. In contrast, the 14-day performance remains bearish with a 14% drop. Despite these fluctuations, DOGE has maintained support at $0.15, which has held strong during recent market movements.
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