DOGE on the rise: updates, reserve, ETF, and network activity surge
Following a sharp rally triggered by Donald Trump's election as the 47th President of the United States, the price of Dogecoin (DOGE) dropped by 27.5%. Nevertheless, the top memecoin has not lost its market standing and remains one of the most in-demand crypto assets.
Major Dogecoin network updates
In April 2025, the Dogecoin development team released an update to the core library, Libdogecoin, upgrading it to version 0.1.4. This update simplifies Dogecoin integration into various applications and introduces new private key management features. Notably, the latest version supports hardware keys such as Yubikey, enhancing user security when interacting with Dogecoin-based applications.
Additionally, the updated library includes a new pseudorandom number generator (PRNG) based on the ChaCha20 symmetric encryption algorithm. This algorithm encodes and decodes data using a 256-bit key, supporting continuous data streams and providing greater resistance to cryptographic attacks.
Libdogecoin 0.1.4 also introduces support for so-called secure enclaves, allowing for the generation of mnemonic codes in an internet-isolated environment. This significantly increases the safety of handling crypto wallets' seed phrases and private keys.
Dogecoin official reserve
Development teams often initiate new programs to support ongoing projects. One such initiative is the DOGE Reserve, launched in March 2025 by the nonprofit House of Doge, Dogecoin's official foundation.
Immediately after the reserve's creation, the foundation behind Dogecoin purchased 1 million DOGE worth $1.8 million. The reserve aims to promote the use of DOGE as a payment method. In addition, House of Doge plans to launch incentive programs, including merchant perks and cashback rewards.
As of May 2025, Dogecoin is already one of the most widely used cryptocurrencies for payments due to its fast transaction speeds and low fees. Cryptwerk says over 2,500 stores and services worldwide accept DOGE as payment, including the renowned precious metals dealer JM Bullion and tech giant Microsoft.
Dogecoin-ETF
Following the U.S. Securities and Exchange Commission (SEC) 's approval of Bitcoin ETF and Ethereum ETF, major investment firms are racing to launch similar products for other crypto assets, including:
- Solana (SOL),
- Litecoin (LTC),
- Cardano (ADA),
- Dogecoin (DOGE).
In January 2025, prominent investment firm Bitwise — already behind a Bitcoin ETF — filed a Dogecoin ETF application with the SEC, followed by Grayscale in February. According to the decentralized prediction market Polymarket, the likelihood of approval was only 27% at the start of 2025, but it could climb to 74% by the end of the year.
Leading experts are also optimistic, estimating the probability of DOGE ETF approval between 65% and 90%. The final deadline for the SEC to rule on Dogecoin ETF applications is October 2025.
Launching a Dogecoin ETF would boost the meme coin's chances of institutional recognition, attract new large-scale investors, and increase market liquidity, all contributing to user base growth and DOGE's price potential.
Surge in Dogecoin network activity
In May 2025, Coinbase — the company behind the major crypto exchange and the Layer-2 network Base — announced plans to launch a wrapped version of Dogecoin. The token, under the ticker cbDOGE, will be deployed on the Base L2 network soon, although the exact date remains unknown.
Following the announcement of the wrapped DOGE token, network activity on Dogecoin surged nearly 1000% within a week. According to analytics platform Glassnode, active DOGE addresses rose from 62,000 to 674,000. Analysts also link this spike in activity to growing investor interest in DOGE futures.
Experts highlight that wrapped tokens expand the use cases of digital assets, increasing their utility and liquidity. With cbDOGE, memecoin holders will be able to use their tokens in the DeFi space for various purposes — from liquidity mining to lending.
