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- Dogecoin surged 38% in May, marking its strongest rally of 2025 amid rising investor interest and Ethereum’s upswing.
- On-chain data shows taker-buy dominance and an NUPL reading above 0.5, signaling bullish sentiment and reduced selling pressure.
- Analysts predict a breakout toward $1, citing strong technical patterns like higher lows and bullish MACD crossovers.
Dogecoin is making headlines again, and this time, it’s not just for the memes. The beloved Shiba Inu-branded cryptocurrency has delivered a standout performance in May, surging 38% in the past month to mark its strongest rally of 2025. The surge came in tandem with Ethereum’s recent upswing, suggesting DOGE is regaining favor among both retail and institutional investors.
According to CoinGecko, Dogecoin recorded a staggering $4.7 billion in trading volume over the last 24 hours, placing it fifth among the most-traded cryptocurrencies (excluding stablecoins). This surge highlights renewed interest and confidence in the asset as it regains its position among top cryptos. But it isn’t just a speculative pump; on-chain data reveals deeper structural strength.
Data from CryptoQuant indicates that Dogecoin’s 90-day cumulative volume delta (CVD) on spot markets has flipped to “taker buyer dominant,” meaning there’s a sustained trend of aggressive buying outpacing selling. The last time such a pattern emerged was in late 2024, just before DOGE exploded 385% in a breakout rally to $0.48.
Adding to the bullish case, Dogecoin’s long-term holder net unrealized profit/loss (NUPL) has crossed the 0.5 threshold for the first time since March 2025. This level, often associated with “belief” sentiment, signals that most long-term holders are in profit, a psychological milestone that often translates into reduced selling pressure and a stronger base for upward momentum.
In simpler terms, holders aren’t just hoping for gains; they’re already sitting on profits and may be holding out for even higher targets.
30,000% Rally Setup Confirmed in DOGE Chart
Veteran crypto analyst Trader Tardigrade weighed in with a bold prediction: the DOGE/BTC trading pair appears to be setting up for a structure reminiscent of the legendary 2021 rally, where Dogecoin soared 30,000% from $0.0024 to $0.739.
“Market structure is aligning,” the analyst noted, pointing to historical fractals and a correlation coefficient of 0.67 between DOGE and Bitcoin over the last three months, per data from Macroaxis. This tight correlation suggests Dogecoin could ride Bitcoin’s momentum, especially during periods when BTC consolidates, a setup that historically triggers altcoin rallies.
Tardigrade’s chart analysis indicates that DOGE could be entering a prolonged bullish phase. He’s eyeing an immediate target of $1, citing a third weekly MACD bullish crossover since 2024. Previous crossovers led to price explosions of 180% (January–March 2024) and 385% (September–December 2024).
Dogecoin Shows Major Strength with Higher Lows
Crypto trader Javon Marks echoed the bullish sentiment, projecting an imminent breakout to $0.6533, a level not seen since May 2021. According to Marks, Dogecoin is “showing MAJOR STRENGTH after setting higher lows,” and he sees a potential 180% upside that could breach the symbolic $1 level if momentum continues.
With solid technical patterns, bullish on-chain signals, and strong historical precedent, Dogecoin appears to be entering a high-confidence accumulation phase. The stars may be aligning once again for the memecoin to reclaim its place at the center of the crypto spotlight.
Whether $1 is just a milestone or a launchpad for even greater gains remains to be seen. But for now, Dogecoin is barking louder than it has in months, and investors are listening.
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