Leading meme coin Dogecoin (DOGE) has broken free from its sideways trend, recording fresh daily highs since September 7. At press time, the crypto trades at $0.2373, marking a 10% surge over the past two days.
The breakout comes as on-chain activity intensifies and profit-taking slows, signaling renewed confidence among DOGE holders.
SponsoredDOGE Price Jumps on Rising On-Chain Activity
DOGE’s double-digit rally is closely tied to a rise in its daily active on-chain addresses since September 7. This reflects stronger market participation and growing investor interest in the meme coin.
Per Santiment, the number of unique active addresses involved in DOGE transactions has soared 16% in the past two days.
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A rise in daily active addresses signals heightened engagement with the network, as more unique participants trade the asset. This expansion in user activity usually precedes a bullish price action, since it indicates stronger demand and greater liquidity.
DOGE’s 16% uptick in active addresses validates the recent price surge and also suggests that the rally is supported by organic user demand rather than short-lived speculative trades.
Furthermore, the dip in DOGE’s Network Realized Profit and Loss (NPL), which shows that fewer traders are locking in profits, supports the bullish outlook.
According to Santiment, this figure stands at 2.46 million and continues to decline at press time, indicating that realized gains on the network are shrinking.
This metric tracks the net profit or loss of all coins moved on-chain, based on the price at which they were last transacted. A rising NPL suggests increasing profitability across the network, while a declining NPL signals that fewer participants are cashing out gains.
With fewer investors in realized profits, traders are less motivated to sell, extending their holding periods. This holding behavior helps reduce immediate supply pressure on the market, further strengthening DOGE’s upward trajectory.
Dogecoin Price Eyes $0.2557—But Can $0.2347 Support Hold?
As more investors hold rather than exit, DOGE builds further upward momentum, with the price likely to extend its rally toward $0.2557.
On the downside, a reversal could push DOGE back to the immediate support at $0.2347. Failure to defend this level may trigger a deeper pullback toward the breakout line at $0.2203.
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