TLDR
- Dogecoin has nearly doubled in price over a 30-day timeframe, currently trading around $0.244
- Analyst “Master Kenobi” predicts DOGE could reach $1.05 by early June based on 2017 cycle comparisons
- Strong market demand shown by 38% surge in May, with spot-buyer volumes dominating since March
- Bullish MACD crossover has traders predicting a potential 180% rally
- Long-term holder net unrealized profit/loss (NUPL) crossed 0.5, indicating “belief” sentiment among investors
Dogecoin has been making waves in the crypto market with a strong price performance that has caught the attention of analysts and investors alike. The popular meme cryptocurrency has almost doubled in value over a 30-day period, sparking predictions of further gains ahead.
In recent weeks, Dogecoin has broken out of its consolidation phase, where it mostly traded between $0.15 and $0.20 throughout April. The price has now climbed to around $0.244, representing a 6% increase in just the past 24 hours.
One crypto analyst known as “Master Kenobi” has made a bold prediction that DOGE could reach $1.05 as soon as early June. The analyst drew parallels between Dogecoin’s current price structure in 2025 and its performance during the 2017 cycle.
Master Kenobi’s analysis focuses on Dogecoin’s second major upward movement in 2017, which began after a 70-day consolidation period and was followed by an 850% rally over 45 days.
According to the analyst, the current price structure is following the same pattern but at twice the speed. The initial phase has been compressed from 70 days to 35 days, and the expected bullish breakout phase will last just 22 days instead of 45.
Market Strength and On-Chain Insights
Data from CryptoQuant shows that Dogecoin’s spot taker 90-day cumulative volume delta has been “taker buyer dominant,” indicating more aggressive buying than selling. This pattern was last seen in November 2024, which led to DOGE’s breakout rally of 385% to $0.48 in Q4 2024.
The trading volume for Dogecoin has been impressive, with $4.7 billion recorded over a 24-hour period, ranking it fifth among the top cryptocurrencies when excluding stablecoins.
Another positive indicator is the long-term holder net unrealized profit/loss (NUPL), which recently crossed 0.5 for the first time since March 1, 2025. This signals a shift to “belief” sentiment, meaning most long-term holders are in profit and less likely to sell.
This optimism reinforces price stability as investors hold onto their assets in anticipation of higher gains. The metrics suggest strong market demand with active accumulation of Dogecoin by investors.
Technical analysis from trader Tardigrade revealed a bullish outlook for the DOGE/BTC trading pair. The chart reflected a previous rally where DOGE surged 30,000% from $0.0024 to $0.739, suggesting a similar setup might be developing.
Historically, Dogecoin and Bitcoin have shared a strong correlation of around 0.67 over the past three months, according to Macroaxis data. This means Bitcoin’s price movements often influence Dogecoin’s trajectory.
Trader Tardigrade notes that the immediate target for Dogecoin remains $1, after the meme coin exhibited a weekly MACD bullish crossover for the third time since 2024. Previous bullish crossovers have been followed by breakouts, with prices jumping 180% between January and March 2024, and 385% between September and December 2024.
#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
Another crypto trader, Javon Marks, outlined a similar target for Dogecoin, forecasting an immediate target of $0.65, which would be its highest price since May 2021. Marks suggested that after reaching this level, prices could break above and bring the $1 mark into play.
For a cryptocurrency that started as a joke, Dogecoin continues to show remarkable resilience and growth potential. The current price of $0.244 represents a 6% increase in just 24 hours, demonstrating ongoing momentum.
Whether Dogecoin will indeed reach the $1 mark by June as predicted by some analysts remains to be seen, but the current market indicators and technical patterns suggest that DOGE is positioned for continued upward movement in the coming weeks.
At the time of writing, Dogecoin is trading at $0.244, with many altcoins also poised for upward movement toward late May and early June.
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