Dogecoin [DOGE] is buzzing with life on-chain, but price action remains stubbornly flat

Dogecoin price has stalled despite a mammoth spike in active addresses and traders stacking 3-to-1 long bets on Binance.

What happened: After a brief rally to a new yearly high of $0.28 in May, Dogecoin price has stalled and pulled back. At press time, DOGE was trading at $0.22, still up over 160% for the year.

The Long/Short Ratio on Binance for DOGE steadily climbed from around 2.0 in early May to over 3.0, with three times as many traders betting on the coin to rise than fall.

The green bars, representing long positions, have consistently dominated the chart since late April.

This kind of skew often suggests rising speculative interest, but it also raises the risk of a crowded trade. If price fails to follow through, these long-heavy positions could quickly unwind and trigger sharp corrections.

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Active addresses have spiked nearly 15x

Meanwhile, daily active addresses soared from an average of around 45,000 to over 680,000 on the 14th of May, according to Santiment data. This is a 15x surge in less than three days.

This typically shows heightened user interest or large-scale distribution events.

While such spikes often precede price breakouts, they could also be driven by short-term hype or automated wallet churn.

Whether this rise translates into lasting price action remains to be seen.

What's next for DOGE price

After hitting a local high above $0.24, Dogecoin has pulled back to around $0.22, posting four consecutive red candles.

The RSI at 61 was above neutral, but down from recent highs, showing waning bullish momentum.

Dogecoin price is now trading above the 20-day SMA, suggesting structural support. However, the upper Bollinger Band rejection shows that resistance is firm.

Until buying pressure resumes or external catalysts emerge, DOGE may continue to consolidate, defying bullish on-chain indicators. Nonetheless, the cryptocurrency has managed to rally over 160% this year.