The price of Dogecoin (CRYPTO: DOGE) is trading higher on Monday after a report that on-chain data shows a huge spike in active addresses for the world’s 12th largest cryptocurrency. Here’s what’s new with the meme coin.

What Happened: According to data from Glassnode, active addresses on the Dogecoin network have surged by a staggering 400%. The total now stands at nearly 395,000.

A movement of this magnitude is rarely seen and becomes even more interesting when it unfolds over a short period. The numbers highlight a simple yet crucial fact: more people are engaging with DOGE.

It could be for transactions, trades or simply positions ahead of something bigger. A spike of this magnitude does not happen in isolation. It often hints at increased speculation, heightened network engagement or broader shifts in market sentiment. But the real question is: does this mean something bigger for the popular meme coin’s trajectory, or is it just another moment of intensified activity with no lasting impact?

Will DOGE Price Follow Spike?: Historically, such spikes in active addresses have coincided with periods of price volatility. Sometimes they precede periods of price surges, driven by increasing demand and liquidity. However, it may be just a reflection of a short-lived speculative move that will fade as quickly as it appeared.

This time, with nearly 395,000 active addresses in play, market participants are left interpreting the on-chain signal to try to predict the Dogecoin price’s future.Dogecoin, despite representing a meme coin side of the crypto space, has repeatedly proven that it is not just a funny coin – it is a network with real engagement. While its community has always been a defining force, numbers like these indicate something beyond just sentiment. More transactions, more movement, more involvement – these are the factors that tend to lead somewhere, even if the destination is not immediately clear.

Now: Dogecoin is trading up by 17.8% over the last seven days, and is now trading at $0.16784 at the time of writing, according to Benzinga Pro. For more crypto news, click here.