In May alone, Dogecoin has already jumped 38%, marking its strongest monthly performance of the year. According to CoinGecko, DOGE recorded $4.7 billion in 24-hour trading volume, ranking fifth among the top cryptocurrencies (excluding stablecoins).
On-chain data also supports this bullish momentum. CryptoQuant reports that DOGE’s 90-day cumulative volume delta (CVD) — measuring net buy-sell volume — is heavily skewed toward buyers. This is the same pattern observed before DOGE’s 385% breakout in late 2024.
Additionally, the Net Unrealized Profit/Loss (NUPL) indicator for long-term holders has crossed the 0.5 mark for the first time since March 2025. This means most holders are in profit, signaling rising confidence and a lower likelihood of selling — a positive sign for price stability and potential further gains.
Dogecoin Prepping for a Parabolic Move?
Anonymous technical analyst Trader Tardigrade noted that the DOGE/BTC pair is showing a pattern reminiscent of DOGE’s historic rally from $0.0024 to $0.739 — a 30,000% gain. This could indicate a similar breakout setup, provided Bitcoin holds its ground.
Data from Macroaxis shows that Dogecoin and Bitcoin share a strong correlation (0.67 over the past three months), suggesting BTC’s movements often influence DOGE’s direction. If Bitcoin enters a consolidation phase, it could pave the way for DOGE to rally significantly over the coming weeks.
Trader Tardigrade also set a near-term target of $1 for DOGE, following a bullish weekly MACD crossover — the third occurrence since 2024. Previous crossovers have led to impressive gains, including a 180% surge between January and March 2024.
Crypto analyst Javon Marks echoed a similar view, noting that DOGE is showing major strength by consistently forming higher lows. He set a short-term target of $0.6533, representing an upside of nearly 180%. Should momentum persist, DOGE may even break past $1.
