Dogecoin's Network Activity Surges to New High, Resistance Levels Remain

Dogecoin's network activity has reached nearly 50,000 active addresses, marking its strongest level yet in the latest on-chain update. This significant increase reflects growing user participation across the network despite DOGE's recent market weakness.

The steady rise in active addresses is notable because it did not appear as a one-day spike but rather as a consistent trend over several sessions, indicating that engagement has strengthened over time.

However, the latest reading shows that activity cooled slightly after the surge, suggesting that some users may be taking a breather. Nevertheless, network participation remains elevated, showing that users continue to interact with the blockchain.

Binance's top traders remain firmly behind DOGE, with long positions accounting for 76.07% of their positions and short accounts making up just 23.93%, resulting in a 3.18 Long/Short Ratio. This one-sided positioning leaves the market vulnerable if buyers fail to defend nearby support.