01.04.2026 11:11
Dogecoin network activity has increased significantly in recent days, climbing 28% in the wake of reports about a potential SpaceX initial public offering. However, this surge in engagement has not yet translated into upward price momentum, with the cryptocurrency remaining trapped in a narrow trading range.
Data from market analyst Ali Martinez reveals that the number of active Dogecoin addresses has grown from 57,000 to 73,000. Typically, such growth reflects expanding adoption and stronger user participation. That said, some of this activity may stem from users moving assets or exploring new network features rather than signaling sustained demand.
Despite the uptick in network engagement, Dogecoin's price action continues to follow a descending triangle pattern, a technical formation often associated with bearish outcomes. Martinez notes that the trading range is steadily contracting toward a critical point, and a decisive move—potentially reaching 29%—could occur once the trendline is broken.
At present, Dogecoin is trading between $0.089 and $0.091, with immediate resistance at $0.10. Breaking above this level could open the door to further gains, with analysts eyeing targets near $0.105 and $0.12. However, the Relative Strength Index (RSI) sits at 34, nearing oversold territory, while the Moving Average Convergence Divergence (MACD) shows waning momentum, suggesting that selling pressure may be easing.
Historically, rising active addresses have sometimes preceded accumulation phases, particularly when prices remain subdued. If this pattern holds, the current period could be interpreted as one of strategic positioning rather than stagnation.
Meanwhile, SpaceX is reportedly planning an IPO aimed at raising $75 billion, a development that has fueled speculation about potential synergies with Dogecoin, given Elon Musk's well-documented support for the cryptocurrency. Whether this connection will ultimately drive sustained price appreciation remains to be seen.
