Dogecoin Price Strengthens as SEC Acknowledges Spot ETF Filing; Active Addresses Skyrocket 528%
Dogecoin’s market momentum is building after the U.S. Securities and Exchange Commission (SEC) officially acknowledged 21Shares’ spot DOGE ETF filing. Following this development, Dogecoin’s network saw a massive spike in activity, with active addresses jumping 528%—from 74,640 to 469,477—on May 13. This indicates increasing investor interest and overall engagement with the altcoin.
Glassnode data also showed a sharp rise in DOGE futures open interest, which surged 70% over the past week to reach $1.65 billion, suggesting heightened speculative activity even as prices pulled back. The ETF filing aligns with similar initiatives by Bitwise and Grayscale, hinting at growing institutional interest and potential mainstream adoption of Dogecoin.
Meanwhile, demand from spot buyers remains strong. Cointelegraph noted that DOGE’s 90-day cumulative volume delta (CVD) is currently favoring buyers, a trend that began in early March. This buying pressure has historically preceded significant rallies—such as the 385% climb to $0.48 in Q4 2024.
Further analysis from Glassnode highlights a long-term bullish sentiment, with the Net Unrealized Profit/Loss (NUPL) for holders of over 155 days surpassing 0.5, signaling a prevailing “belief” phase.
Technical analysts remain optimistic. Trader Tardigrade observed DOGE nearing resistance at $0.24 and anticipates consolidation before a potential breakout to $0.40. Similarly, Kriss Pax pointed to an inverse head-and-shoulders pattern on the daily chart, forecasting a possible surge toward $0.42.
As speculative positioning increases, on-chain activity rises, and bullish chart patterns emerge, Dogecoin appears poised for a strong upward move—provided it breaks past current resistance levels.
