Dogecoin has been interesting over the past 24 hours—the price held firm at the $0.138 level, with a slight drop of 0.92% that doesn’t feel like much, but the underlying data tells a story.

On the surface: daily trading volume remains solid at $1.08 billion, and its $22.4 billion market cap keeps it firmly in ninth place among cryptocurrencies. It’s been fluctuating between $0.135 and $0.143 during the day, with the Fear & Greed Index stuck at a neutral 45. On-chain transaction fees only totaled $1,569 (yes, you read that right—just that cheap). But one number really stands out—active network addresses soared to 71,600, the highest in three months. DeFi TVL also quietly increased by 1%, reaching $500 million. Is underlying demand rebounding? At least that’s what the data suggests.

On the news front: DOGE ETFs saw just $300,000 in net outflows this week, a drop in the bucket compared to XRP’s $230 million capital frenzy. However, Grayscale and Bitwise’s two funds still attracted $2.85 million in their first week, and one major financial institution opening up crypto access to 50 million clients is also a boost. Meme coins are shifting from “pure speculative toys” to “tools institutions can touch”—the pace is slow, but the direction is right.

Social media is buzzing. An exchange executive joked on X, “If DOGE doesn’t pump, the market won’t wake up,” the community is celebrating its 12th “Genesis Day” anniversary, and Elon Musk shared another Shiba Inu-to-the-moon meme—although trading volume was down 53.8% compared to the previous period, it rebounded right after this activity. Whales have also jumped in, with net purchases of 550 million DOGE (about $71.8 million), directly reversing a two-month selling trend. Open interest in futures fell to 9.82 billion DOGE, indicating that leveraged traders are becoming more cautious.

Technical analysts see two scenarios: if DOGE holds the $0.135 support, it may test the $0.15 resistance in the short term; in the medium term, if the RWA (Real-World Asset) payment narrative takes off, aiming for $0.27 (the 2025 average price forecast) is not a dream. But if the macro environment stays bearish, a liquidity pullback could drop the price back to $0.13.

DOGE is evolving from a pure meme frenzy toward practical ecosystem use. Keep a close eye on ETF inflows and on-chain activity—after all, “community is fuel” has never been an empty phrase in the crypto world.