Dogecoin (DOGE) is experiencing heightened on-chain activity and investor interest as speculation around potential ETF developments grows. Despite a $20 billion market pullback in September, DOGE achieved a 9% return on investment, with the top 1% of addresses controlling 96.45% of the supply. Whale activity has surged, with 30 million DOGE added in Q4, contributing to a 13% monthly price increase. The network value to realized price (NRPL) suggests $0.23–$0.25 as a key support level, while the current price of $0.26 indicates a possible breakout towards $0.30.