Dogecoin activity spikes as whales show signs of potential rebound

Dogecoin has witnessed a significant increase in network activity despite a recent decline in its price. 

According to crypto analyst Ali Martinez, the number of active Dogecoin addresses surged to 84,306, the highest level in six months. 

This resurgence in activity suggests increased user engagement and growing interest within the Dogecoin community. 

At present, Dogecoin is trading at around $0.10 after experiencing an 11% drop amid broader market uncertainty due to geopolitical tensions in the Middle East. 

The recent correction erased gains made at the end of September, but on-chain data reveals that large investors, or whales, continue to maintain high levels of activity. 

Santiment, a crypto analytics platform, found that 63,689 active Dogecoin wallet addresses completed numerous transfers over just three days, marking the most significant address activity since April. 

Additionally, 1,203 whale transactions occurred before the price peaked on September 28, representing the most intense whale activity since May. 

Despite Dogecoin pulling back by 18% from its recent peak, whale involvement suggests they may be positioning for a future price recovery. 

The continued network activity could indicate that these large investors are anticipating a turnaround and view the current market dip as temporary. 

At the time of writing, the Dogecoin price was $0.1064.