Dogecoin is getting interesting lately—the price has dropped to $0.138 (down 0.92% in 24 hours), but on-chain activity is buzzing.

Let’s talk money first. Trading volume is still strong, with $1.08 billion flowing into the market, and market cap holding at $22.4 billion, ranking ninth overall. The price has been oscillating between $0.135 and $0.143 during the day, with the Fear and Greed Index stuck at 45, a lukewarm neutral state. DeFi total value locked (TVL) ticked up 1% to $500 million, and on-chain transaction fees totaled just $1,569—ridiculously cheap.

But the real bombshell is the number of active addresses: 71,600, a three-month high. This data is a bit odd—the network is getting lively while the price is moving sideways. Is there pent-up demand about to explode?

Meanwhile, things are quiet on the ETF front. DOGE-related funds saw a net outflow of $300,000 this week, nothing compared to XRP’s massive $230 million inflow. Still, Grayscale and Bitwise’s new funds brought in $2.85 million in their first week, and the big news is Vanguard opening up crypto access to 50 million clients—meme coins are starting to dress up in suits.

A major exchange founder dropped a bold statement on social media: “If DOGE doesn’t pump, the market won’t wake up.” After Musk retweeted a Shiba Inu moon meme, trading volume first plunged 53.8% then bounced back. The community is hyped, celebrating DOGE’s 12th “Genesis Day.” The whales are making moves too: a net buy of 550 million coins (around $71.8 million), reversing a two-month selling trend. But futures open interest has dropped to 9.82 billion coins, signaling that leveraged traders are on the sidelines.

Technically, if DOGE can hold the $0.135 support, there’s a shot at $0.15 in the short term. Analysts have set a mid-term target of $0.27 (2025 average price forecast), betting on the RWA payment trend to drive demand. But if the macro environment doesn’t cooperate, a retest of $0.13 is also likely. With 161 billion coins in circulation, supply pressure is always present.

Right now, Dogecoin is in an awkward phase: it still has meme DNA, but it’s starting to pivot towards practical utility. Keep a close eye on ETF inflows and on-chain activity—“community is fuel” might be more relevant than ever in this cycle.