Dogecoin activity rises as meme prices slide

Dogecoin and Shiba Inu fell deeper into selloff territory even as onchain activity jumped, highlighting a widening disconnect between usage and price across meme coins.

Dogecoin active addresses rose 36% over the past week to more than 71,400, yet DOGE slipped about 3% to roughly $0.102 while Shiba Inu declined around 2% to near $0.0000066.

Analysts said the rise in activity appears driven more by distribution than accumulation, leaving both tokens exposed to further downside despite higher network participation.

Dogecoin, created in 2013 as a joke, is now down more than 90% from its 2021 peak and has fallen about 62% so far this year, weighed down by its speculative nature and unlimited supply.

The token briefly rallied in late 2024 but still lacks a clear utility comparable to Bitcoin or Ethereum, making it vulnerable if sentiment continues to deteriorate.

Shiba Inu is trading near $0.00000641, around 92% below its 2021 all-time high, with weak transaction volumes and price action stuck below key technical levels.

With support levels under pressure and few near-term catalysts, both meme coins remain sensitive to broader market moves and could face further declines if selling accelerates.

At the time of reporting, Dogecoin price was $0.09101.