Dogecoin Network Activity Craters By 95%: What Is Going On?

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Despite a sharp decline in network activity, long-term Dogecoin holders remain unfazed.
One analyst sees DOGE following the 2017-2018 bull run pattern, while another predicts a 252% upside.
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Dogecoin's DOGE/USD on-chain metrics and price are deteriorating, but bullish traders remain optimistic about a major move ahead.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.2064	$30.6 billion	+0.08%	-18.8%
Shiba Inu SHIB/USD	$0.00001417	$8.4 billion	+2.4%	-8%
Pepe PEPE/USD	$0.0₅8132	$3.4 billion	+3.6%	-13.6%

Trader Notes: Crypto trader Javon Marks believes that the recent pullback doesn't alter Dogecoin's historical price cycles.

He sees DOGE still in its third bull cycle, with a move beyond its all-time high of $0.73905—implying a 252% surge from current levels.

Trader Tardigrade compares DOGE's price action to the 2017-2018 bull run, indicating it could be setting up for its next explosive move.

#Dogecoin is following the Same Pattern as the 2017-2018 Bull Run 🔥$Doge is ready for the next SURGE 🚀 pic.twitter.com/hAWbuqanmi
— Trader Tardigrade (@TATrader_Alan) February 26, 2025

Statistics: Crypto chart analyst Ali Martinez points out that long-term DOGE holders are in denial, suggesting the holders may be refusing to accept that the meme coin is underperforming relative to other assets or that its long-term potential has diminished.

It implies that they are holding onto DOGE in expectations of a rebound as they dismiss negative news or fundamental concerns.

Martinez also pointed out that DOGE network activity has collapsed by 95%, plunging from 2.66 million active addresses in November 2024 to just 130,282 currently.

#Dogecoin $DOGE network activity has declined by 95%, dropping from 2.66 million active addresses in November to just 130,282 today! pic.twitter.com/SlH3qTuMP6
— Ali (@ali_charts) February 25, 2025

What's Next: If Dogecoin follows historical cycles, its current stagnation could be setting up a breakout—but holders need to watch for key support levels to avoid further downside.

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