Recently, Dogecoin (DOGE) has seen a strong price rebound, reclaiming the $0.10 mark. Behind this price surge is a notable phenomenon of "whale accumulation" in the market, where large holders of DOGE are actively purchasing the cryptocurrency. Although the upward momentum has shown some persistence, it remains to be seen whether it can be sustained in the future.
In addition to whale accumulation, activity on the Dogecoin network is also showing positive signs. According to analyst observations, the number of active DOGE addresses has surged significantly. Data indicates that over the past week, the number of active DOGE addresses has soared by 176%, increasing from 41,557 to 114,662.
An increase in the number of active addresses typically signifies enhanced user engagement and growing transaction demand. This metric, combined with whale accumulation behavior, suggests that the recent price increase in DOGE may have a more solid foundation and support compared to a previous failed rally.