A significant uptick in Dogecoin (DOGE) activity may indicate investor bullishness.

As market risk intensified, several cryptocurrencies experienced price declines. Amidst the chaos, there has been a huge spike in Dogecoin activity.

OG meme coin has seen the largest increase in active DOGE addresses in the last six months, according to new data. Whales also appear to be holding, which could signal a much-needed rebound in DOGE prices.

Dogecoin active addresses are increasing

According to renowned crypto analyst Ali Martinez, the number of active addresses has risen to 84,306, indicating a resurgence of user engagement and interest in the Dogecoin community.

This increase may indicate bullishness among investors, as increased activity is often associated with heightened trading and accumulation patterns.

At the time of writing, DOGE is trading around $0.10. It fell 11 percent on Wednesday amid a broader market slump fueled by the escalating conflict in the Middle East. The last correction wiped out the gains made at the end of September.

Doge believe whales are making a comeback?

After reaching its recent high on Saturday, Dogecoin has retreated by 18%. Despite this sharp retracement, the move on the chain suggests that big investors, or whales, are still positioned for more bullishness.

Although many whales made profits before Dogecoin arrived As discovered by the crypto analysis platform Santiment, their high activity on the network remains clear.

The data showed that 63,689 active wallet addresses on the Dogecoin network completed the largest number of transfers over a three-day period. This represents the highest address activity for DOGE since April. In addition, 1,203 whale transactions occurred before the price spike on September 28, marking the strongest whale activity since late May.

This suggests that continued whaling participation may be preparing for a turnaround, so the recent decline may be temporary.