Dogecoin (DOGE) has dropped 38.43% in the past 30 days, struggling to keep pace with the broader market. However, on-chain data from Santiment shows a 1.24% increase in wallets holding at least 1 million DOGE since February, signaling accumulation by major investors who may anticipate a price recovery.

Active DOGE addresses have surged past 150,000 daily, the highest since November. If this rise in transactions stems from adoption rather than panic selling, it could support long-term price stability and a bullish move.

Currently, DOGE trades around $0.1661, about 70% below its December 2024 peak of $0.48. The 9-period EMA shows lower highs and lows, indicating bearish momentum, with a key support level at $0.165. Still, increasing network activity suggests a potential relief rally ahead.