Dogecoin has experienced a significant rise in address activity with 395,000 wallets reactivating. This increase occurs despite a price drop, indicating investors may be accumulating assets at lower prices.

The appearance of a dragonfly doji in DOGE’s price action suggests a potential reversal. However, the risk of further price declines remains if selling pressures persist.

Current crowd sentiment for Dogecoin is slightly bearish at -0.31, indicating mixed feelings among investors. While a price recovery is possible, caution is advised in light of potential further declines.