Leading Shiba Inu Rival Flashing Bullish Signals Hinting at Price Reversal, According to Santiment

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The Rise of Dogecoin: A Bullish Reversal on the Horizon

As per leading crypto analytics platform Santiment, the original dog-themed memecoin, Dogecoin (DOGE), is showing promising signs of a bullish reversal amidst the recent market fluctuations.

According to Santiment’s latest analysis, Dogecoin is indicating a potential turning point once the crypto markets stabilize, particularly due to the increasing number of wallets holding the cryptocurrency.

“Dogecoin, like most meme coins, has faced significant challenges during the recent crypto-wide retrace. However, the rising level of wallets holding at least one million DOGE suggests a potential recovery. Additionally, active addresses have reached four-month highs,” stated Santiment.

Santiment reported a notable surge of over 1% in the number of Dogecoin wallets holding over one million DOGE since the beginning of February. Moreover, in March, the memecoin has witnessed spikes in address activity, with the daily active addresses surpassing 150,000 on multiple occasions.

Currently, Dogecoin is trading at $0.166, reflecting a 62% decline from its 2025 peak of approximately $0.434.

Shifting focus to development activity within the crypto space, Santiment highlighted a decrease in the number of contributors across leading projects in the past month.

“Looking at the top 10 ecosystems, it is concerning to see a decline in development activity events recently. Only Cosmos and Solana have experienced a rise in contributors, while others have slowed down,” mentioned Santiment.

Interestingly, over the past six months, Santiment noted that Optimism (OP), a layer-2 scaling solution, was the only ecosystem to witness an increase in the number of contributors.