The number of active addresses $DOGE has surged by 528% — Will DOGE's price follow?

Dogecoin's price continues to rise sharply after the SEC approved 21Shares' spot DOGE ETF application, and the number of active addresses for this altcoin skyrocketed by 528%.

Key points to remember:

The number of active addresses for Dogecoin surged by 528% to 469,477.

DOGE's open interest for futures increased by 70% to $1.65 billion, indicating strong speculative interest.

On May 13, Dogecoin experienced an incredible 528% increase in active addresses, soaring from 74,640 to 469,477, signaling strong network activity and growing investor interest. This increase occurred after 21Shares updated its spot Dogecoin ETF application, receiving confirmation from the U.S. Securities and Exchange Commission (SEC). The financial services company confirmed the development on X on May 14.

This application, aimed at tracking the price of DOGE, aligns with similar efforts by Bitwise and Grayscale, implying potential widespread adoption. This news has boosted market optimism, leading to increased network activity for the memecoin.

Contributing to the growth momentum, Glassnode reported that DOGE's open interest for futures contracts increased by 70% in the past week, rising from $989 million to $1.65 billion, despite the price falling from recent highs. The divergence between open interest and price indicates persistent speculative positions, a trend that Glassnode notes is "worth monitoring" for potential volatility. #Uptrend