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Following
DOGE $DOGE has had a difficult recent trend
In the past few months,$DOGE has had a difficult life. The original memin has fallen by approximately 3.2% in the past 30 days and by 32.9% in the past 90 days. However, judging from multiple indicators, the asset's performance is actually stronger than the apparent numbers suggest.
Trading volume and market value remain solid
Despite the price decline, Dogecoin still maintains trading volume of approximately US$266.5 million, with a market value of US$10.9 billion, and a turnover rate of 2.44%. Data shows that the 24-hour trading volume of Dogecoin has recently reached approximately US$262.7 million, an increase of 64.7% from the previous day, indicating that market activity has rebounded.
This liquidity makes $DOGE one of the most actively traded assets in the entire crypto market. There are currently four U.S. spot dogcoin ETFs trading, including REX-Osprey DOJE listed on Cboe BZX, Grayscale and Bitwise products launched in November 2025, and 21Shares TDOG listed on Nasdaq in January 2026. This institutional infrastructure provides structural support for assets unseen in previous cycles.
On-chain activity shows potential demand
Below the surface, network data presents a more detailed picture. The number of weekly active addresses for Dogecoin jumped 16%, indicating that online engagement is improving. Despite weak prices, whale activity continues to rise, with data showing 739 transactions exceeding $100,000 in a single day, setting a record in the past six months.
Analyst Ash Crypto pointed out that $DOGE is currently at one of the most oversold levels in history, pulling back nearly 90% from its all-time high. Historically, similar situations have often occurred near the market bottom-when selling pressure is exhausted and long-term recovery ensues.
X Money entered the closed testing phase in early March 2026. If Elon Musk makes DOGE a native payment option for the platform's more than 600 million users, it will be the largest real-world application scenario unlocked in the history of the token. This potential catalyst continues to support market sentiment, although its exact timing remains uncertain.
Currently,$DOGE is in an awkward position: price pressures are real, but market structure, liquidity and on-chain signals indicate that the asset still has a solid supporting foundation. Whether this support translates into sustained recovery will depend on broader market conditions and whether long-term catalysts begin to materialize.
