Dogecoin Gains 32.45% in a Month Amid Bitcoin Surge

Dogecoin (DOGE) has been trading steadily, with modest gains of around 32.45% over the past month and just over 4% this week. This performance comes amidst a broader market euphoria, where Bitcoin (BTC) surged to a new all-time high of $111,340. Despite the broader market excitement, Dogecoin has maintained a more measured pace, consolidating within a rising channel that has defined its structure over the past several months.

Sentiment among traders remains mixed but leans bullish, with technical patterns hinting at a potential breakout if momentum sustains. Crypto analyst Bitcoinsensus shared an analysis suggesting that Dogecoin could climb as high as $0.95, representing a +560% increase from its current price around $0.17. His analysis highlighted DOGE’s pattern of bull flag formations, noting that the first flag yielded a +90% return, the second +215%, and the third +440%. This fourth flag could potentially take the price of DOGE up to $0.95.

While some analysts are skeptical of such lofty targets, Bitcoinsensus is not alone in his bullish outlook. Another analyst, DimaPotts, referenced historical patterns from 2017 and 2020, where Dogecoin experienced 94x and 190x rallies following Bitcoin’s all-time weekly closes. According to the pundit, if Bitcoin’s current breakout holds in 2025, Dogecoin may follow a similar explosive trajectory. However, he warned that price targets as high as $10, implying a $1.48 trillion market cap, remain unlikely in the current $2.66 trillion total crypto market context.

CobraVanguard added to the bullish chorus by pointing to an AB=CD harmonic pattern on Dogecoin’s 3-day chart, projecting a more conservative price target of $0.65. This setup suggests a potential 347% gain from current prices, provided DOGE maintains its current ascending channel and breaks key resistance levels.

Beyond charts and speculation, on-chain data also supports the bullish narrative. Recently, popular analyst Ali Martinez noted a dramatic spike in Dogecoin network activity on May 16. Daily active addresses, transaction volumes, and whale participation have surged significantly, metrics often viewed as precursors to major price movements. Most notably, whale activity has exploded, with over 1 billion DOGE purchased by large holders in the past month, and 127,570 active addresses now on the network, a sharp rise from February’s low of 66 whale transactions and under 60,000 addresses.

With technical indicators, historical cycles, and on-chain activity aligning, analysts believe Dogecoin could be poised for a major breakout. However, much still depends on Bitcoin’s ability to maintain its gains and broader altcoin market sentiment. At press time, DOGE was trading at $0.2266, reflecting a 7.60% drop in the past 24 hours.