TLDR
- Dogecoin has surged 38% in May, its strongest monthly performance this year
- Spot-buyer volumes have been dominant since March, indicating strong market demand
- Technical analysts predict a potential 180% rally with targets at $0.65 and $1
- A bullish MACD crossover signals possible significant gains ahead
- One analyst projects Dogecoin could reach $1.05 as early as June 2025, comparing current patterns to 2017 cycle
Dogecoin has experienced a remarkable price increase in recent weeks, with May delivering the memecoin’s strongest monthly performance of 2025. The popular cryptocurrency has gained 38% this month, rallying alongside Ethereum in a synchronized upward movement that has caught the attention of traders and analysts.
According to data from CoinGecko, DOGE recorded $4.7 billion in trading volume over a 24-hour period, ranking fifth among top cryptocurrencies when excluding stablecoins.
Dogecoin
DOGE Price
On-chain metrics paint a picture of growing momentum. CryptoQuant data shows that DOGE’s spot taker 90-day cumulative volume delta has been “taker buyer dominant,” indicating more aggressive buying than selling.
This pattern was last observed in November 2024, which preceded DOGE’s breakout rally of 385% to $0.48 in Q4 2024.
The long-term holder net unrealized profit/loss recently crossed above 0.5 for the first time since March 1, 2025, shifting to “belief” sentiment. This metric suggests most long-term holders are in profit, which often leads to reduced selling pressure as investors hold for potentially higher gains.
Together, these metrics point to strong market demand with investors actively accumulating Dogecoin, likely fueling its recent price appreciation.
Historical Patterns Point to Potential Rally
Technical analysis from several prominent crypto traders suggests DOGE may be on the verge of another parabolic move.
Anonymous analyst Trader Tardigrade highlighted a bullish outlook for the DOGE/BTC trading pair, noting similarities to a previous pattern when DOGE surged 30,000% from $0.0024 to $0.739.
#Dogecoin / #Bitcoin signals a bullish pattern that led $DOGE to spike 30,000% in the past cycle. The same chart pattern has developed 🔥
What to expect:
1. Surge in $BTC (causing a sudden drop in $DOGE / $BTC)
2. $BTC remains sideways
3. Huge surge in $DOGE for several weeks 🚀 pic.twitter.com/C3WAIS5i9J— Trader Tardigrade (@TATrader_Alan) May 12, 2025
Trader Tardigrade also pointed out that Dogecoin has exhibited a weekly MACD bullish crossover for the third time since 2024. Past instances of this signal were followed by dramatic price increases – jumping 180% between January and March 2024, and 385% between September and December 2024.
Crypto trader Javon Marks set an immediate target of $0.65 for Dogecoin, which would mark its highest price since May 2021. “DOGE now showing major strength after setting higher lows! $0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play,” Marks stated.
$DOGE (Dogecoin) now showing MAJOR STRENGTH after setting Higher Lows!
$0.6533 can be coming in another nearly +180% upside and prices could even break above, bringing $1+ into play… https://t.co/7Jt82s0jLy pic.twitter.com/vbCjIxzlzR
— JAVON⚡️MARKS (@JavonTM1) May 10, 2025
The correlation between Dogecoin and Bitcoin remains strong at approximately 0.67 over the past three months, according to Macroaxis data. This relationship suggests that Bitcoin’s movements will continue to influence DOGE’s price trajectory.
June Price Target of $1.05
Crypto analyst Master Kenobi has made an even more bullish prediction, suggesting Dogecoin could reach $1.05 as early as June 2025.
Kenobi’s analysis draws parallels between current price action and the 2017 cycle, but with an accelerated timeline. He notes that the 2017 pattern showed a 220% gain over 70 days, followed by an 850% breakout to a new all-time high.
💡 If we adapt the 2017 DOGE second pump model to the current pace of events, we could infer that DOGE might reach $1.05 by early June.
To estimate this, we consider the period before the second leg-up in 2017, which lasted 70 days. The current cycle appears to be moving at… pic.twitter.com/s4MwfR0S9O
— Master Kenobi (@btc_MasterPlan) May 10, 2025
The current structure shows a similar pattern but at twice the speed, with the initial phase compressed to 35 days and the expected bullish breakout phase projected to last just 22 days.
At the time of writing, Dogecoin is trading at $0.244, up 6% in the past 24 hours. To reach the projected $1.05 target, DOGE would need to maintain and intensify its current momentum.
Kenobi suggests this prediction fits within a broader expected upward move for many altcoins toward late May and early June, with Dogecoin potentially leading the charge as one of the market’s most popular altcoins.
As Bitcoin continues to approach new all-time highs, all eyes remain on Dogecoin to see if these bullish predictions will materialize in the coming weeks.
