Active addresses on the Dogecoin (DOGE) network surged dramatically on Saturday.

The network awoke from a quiet period to see a staggering 469,477 addresses active in a single day, compared to just 74,640 the day before—a 528% surge, according to Glassnode data.

This sudden awakening comes as the U.S. Securities and Exchange Commission (SEC) is reviewing several applications for a Dogecoin ETF.

Four entities—21Shares, Bitwise, Grayscale, and Osprey—have applied to launch a spot ETF that tracks the memecoin.

The SEC is yet to approve any such products, despite approving the filing for the 21Shares application and announcing it on Monday via X post.

This news comes as Open Interest on DOGE futures also soared by 70% in seven days, jumping from $989 million to $1.65 billion.

Despite the price decreasing during this period, the increase in OI suggests strong speculative positioning ahead of a major price move.

Moreover, data from Cointelegraph shows strong demand for spot DOGE.

The Cumulative Volume Delta (CVD) over 90 days has shown consistent buyer dominance since early March, a pattern similar to the one that unfolded before Dogecoin rallied 385% to reach $0.48 in Q4 2024.

Dogecoin ETF applications

21Shares, in partnership with House of Doge—the corporate branch of the Dogecoin Foundation—filed its application for a Dogecoin ETF with the SEC on April 9.

Nasdaq later submitted the 19b-4 form to list the ETF on May 14, according to an email to members of the DeFi Pulse Discord server.

The financial services company also confirmed the filing on X.

21Shares’ ETF would use Coinbase Custody as the official custodian and aims to track DOGE performance via the CF DOGE-Dollar US Settlement Price index.

This structure would be crucial for institutional investors seeking regulated exposure to memecoins.

Meanwhile, trader Tardigrade has identified a key resistance level around $0.24. A breakout above this level could pave the way for DOGE to rally toward $0.40, signaling sustained bullish momentum.

Furthermore, Dogecoin supporter Kriss Pax spotted an inverse head and shoulders pattern on the daily chart, which could propel the coin toward $0.42.

In summary, the explosion of active addresses on the Dogecoin network, combined with the ongoing applications for ETFs with the SEC, bodes well for the memecoin.

If the SEC grants approval and the $0.24 resistance breaks, then two very different paths could open up for DOGE—either a return to the 2024 highs or a continuation of the recent decline.