The original dog-themed memecoin is showing signs of a bullish reversal, says leading crypto analytics platform Santiment.
According to Santiment, Dogecoin (DOGE) is “signaling a potential turning point once crypto markets stabilize” as the number of wallets increases.
“Dogecoin, like most meme coins, has been hammered during the two-month crypto-wide retrace. However, we recommend keeping an eye on the rising level of wallets holding at least one million DOGE, which has recovered during the price dump. Active addresses are also at four-month highs.”
Santiment says that the number of Dogecoin wallets holding over one million DOGE has surged by over 1% since the start of February. In March, the largest memecoin by market cap has also recorded spikes in address activity, with the number rising to more than 150,000 active addresses per day severally.
Dogecoin is trading at $0.166 at time of writing, down by about 62% from the 2025 high of around $0.434.
Turning to development activity among the leading crypto projects, Santiment says there has been a decline in the number of contributors over the past month.
“And if we switch the perspective and zoom in to just the past one month, it’s a bit discouraging to see that every ecosystem in the top 10 has taken their foot off of the gas. Development activity events have declined across the board, with only Cosmos and Solana seeing a rise in contributors.”
Over the past six months, Santiment says the only ecosystem that has recorded a rise in the number of contributors is the layer-2 scaling solution Optimism (OP).
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