Dogecoin (DOGE) price has crashed by over 70% after hitting $0.48 in December 2024. Interestingly, the memecoin’s richest holders have accumulated during the price declines, indicating their confidence in a potential rebound in the coming weeks.
Dogecoin onchain metrics hint at price rebound
Onchain data from Santiment shows that wallets holding at least 1 million DOGE have increased by 1.24% since early February, despite declining prices. Meanwhile, active addresses have surged to a four-month high, suggesting rising network activity.
Dogecoin addresses holding at least a million DOGE vs. price. Source: Santiment
Typically, when large holders accumulate an asset while prices decline, it signals that they see undervaluation and are positioning for a future rebound.
An increase in active addresses indicates higher engagement on the network—possibly reflecting growing retail interest.
If this surge in user activity stems from real adoption rather than speculative trading