Dogecoin (DOGE), 50,000+ Active Addresses in July...Long Bets Surge, Buy Signal

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Dogecoin (DOGE) active addresses surged to approximately 50,000 in July, and open interest also surpassed $1 billion. As on-chain activity and derivatives funding simultaneously stirred, a prominent cryptocurrency analyst noted the possibility of increased volatility, stating, “Something is moving.”

According to crypto media outlet Benzinga on July 6 (local time), crypto analyst Ali Martinez stated that Dogecoin's on-chain activity had surged. Citing data from on-chain analytics firm Glassnode, Martinez said that active addresses had soared to approximately 50,000 since the beginning of July, adding, “Something is moving.”

An active address refers to a unique wallet address that has participated in at least one on-chain transaction within a certain period. The surge in the number of addresses indicates a rapid increase in Dogecoin network usage and interest. Martinez stated that a Dogecoin buy signal appeared on the TD Sequential indicator a day earlier, adding, “Things are about to get wild.”

Technical indicators sent mixed signals. According to TradingView, the Moving Average Convergence Divergence (MACD) indicator, which compares the 12-period and 26-period exponential moving averages, issued a buy signal for Dogecoin. In contrast, the Force Index, which measures the strength of buyers and sellers, showed a sell signal, and the Relative Strength Index (RSI) remained in the neutral zone.

In the derivatives market, bullish movements were prominent. According to Coinglass, among Binance's top traders, the proportion of long positions among the top 20% by margin balance significantly increased this week compared to short positions. Dogecoin's open interest also increased by 7.6% over the week, surpassing $1 billion.

As on-chain active addresses increased to approximately 50,000, the open interest surpassed $1 billion, and top traders expanded their long positions simultaneously. However, the buy signal from the Moving Average Convergence Divergence (MACD) indicator conflicted with the sell signal from the Force Index, and the Relative Strength Index (RSI) also remained neutral.

[Article Key Summary]

-Dogecoin active addresses surged to approximately 50,000 in July, indicating a significant increase in network activity.

-Dogecoin open interest increased by 7.6% over the week, surpassing $1 billion, and the proportion of long positions among Binance's top traders also expanded.

-The Moving Average Convergence Divergence (MACD) indicator issued a buy signal, but other technical indicators showed sell or neutral signals.

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