On Tuesday, March 18th, Dogecoin price plunged over 5% to reach $0.163 trading value

The popular dog-themed meme cryptocurrency, Dogecoin, has seen a substantial correction from a $0.434 high to a $0.164 current trading price in the last two months, registering a loss of 62.5%. Despite a heavy drop in its market value, the Dogecoin network records increasing adoption and wallet activity.

As the price of Bitcoin continues to hover around the $85,000 mark, struggling with overhead supply, the broader cryptocurrency market has also experienced a downturn. On Tuesday, March 18th, Dogecoin price plunged over 5% to reach $0.163 trading value.

While the ongoing correction might deter retail investors, on-chain data reveals renewed interest from whales in this meme cryptocurrency, signaling a higher potential for rebound.

According to data from Santiment, the number of wallets holding at least 1 million DOGE coins has risen by an impressive 1.24%, or 62 new wallets, since February. This signals a growing interest from large investors in accumulating this meme coin at lower prices.

Additionally, the active addresses for Dogecoin have surged to over 150,000 per day, the highest level seen since mid-November. The rising number of active addresses and large wallet holdings aligns with the price action seeking suitable bottom support. Combining these factors signals a potential turning point for DOGE and renewed recovery ahead.

Dogecoin Price Could Soar 52%

Since March 10th, 2025, the Dogecoin price showcased a low volatility trading between the $0.18 and $0.146 levels. A series of multiple neutral candles within this narrow range accentuates no aggressive behavior of buyers or sellers toward this asset.

Despite the market uncertainty, the coin price is positioned at the bottom support of a long-coming wedge pattern. The historical data shows each reversal from the lower trendline has acted as a major accumulation point, which bolstered a recovery range from 42% to 65%.

If the DOGE price breaks the overhead resistance of $0.18, the buyers could initiate a similar recovery and drive a 52% surge to challenge the wedge resistance at $0.27.