Number of large DOGE wallets has reached six-month-high

Dogecoin (DOGE), one of the most popular meme coins, has regained the spotlight. Analytics platform Lookonchain reports the number of addresses holding at least 10,000 DOGE has increased from 236,000 to 240,000 over the past month, reaching a six-month-high. This surge in activity among large and mid-level investors suggests renewed interest in the cryptocurrency.

Against this background, Dogecoin is trading around the $0.15 level, matching the accumulation level seen prior to its previous rally, when the price peaked at $0.48.

The asset's attractiveness is further supported by growing open interest in DOGE contracts. Trading volume has consistently exceeded $1 billion, indicating strong participation from both retail and institutional traders.

Previously, DOGE's price growth was primarily driven by viral hype and celebrity endorsements. However, experts suggest the current trend may reflect fundamental factors and structural market shifts, according to CoinMarketCap.