Dogecoin (DOGE) has seen a nearly 50% rise in the last five days from $0.17 to $0.24.

The first meme coin is seeing more than $1B in open interest, indicating massive interest and trading activity around DOGE.

Now, according to the latest data, about 100 million tokens are about to hit the market.

In one of the largest linear unlocks in recent weeks, 95.9 million tokens will be issued as block rewards between May 12 and 19, according to data provider Tokonomics.

Token Unlock can rock the boat.

Although the number of tokens seems high, they will only comprise 0.06% of the tokens in circulation.

However, given the volatility the token is seeing and the upcoming resistance level around $0.24, this unlock could further test $DOGE 's resilience.

Additionally, over the next 30 days, a total of 424 million DOGE tokens will be unlocked, shaking up a market that is already on edge.

Market sentiment in the unlock window is mixed. Despite the correction on Sunday, analysts expect Dogecoin to breakout and target $0.30.

However, if DOGE breaks below the key support level of $0.22, it could signal a strong correction.

The meme coin has always been affected by minor market movements. Back in 2021, the price of Dogecoin reached an all-time high of $0.73, mainly due to Elon Musk's frequent tweets and endorsements, only to plummet within weeks.

Dogecoin for short-term volatility

While about 100 million tokens are about to be unlocked, Whale has accumulated more than 100 million $DOGE as of the end of April, offering a potential counterweight.

At current prices, the upcoming unlock would be worth about $22 million. This is a substantial token unlock and can potentially generate short-term volatility and test its resistance levels.

However, $DOGE may also face bullishness during this window as the market slowly absorbs new unlocked tokens.

While most popular cryptocurrencies like Bitcoin work with fixed supplies, Dogecoin has an inflationary model, where the network issues 10,000 tokens per block. This results in about 5 billion new tokens annually.

This liberal approach is in line with the token's original concept as a fun and accessible digital currency.

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