The Night Before a Big Surge! Will DOGE's History Repeat Itself? Is Dogecoin About to Take Off? A 38% Surge in May, On-Chain Signals Reappear at 385%, Target Price $1?
In the past week, the price of Dogecoin (DOGE) has risen in tandem with Ethereum, having accumulated an approximate 38% increase in May, making it the strongest performing month of the year. According to CoinGecko data, Dogecoin's trading volume in the last 24 hours reached a staggering $4.7 billion, ranking fifth among all non-stablecoin crypto assets, indicating an exceptionally active market participation.
On-chain data further corroborates this strong performance. According to CryptoQuant data, the cumulative trading volume difference (CVD) for buyers in the Dogecoin spot market has remained positive over the past 90 days, indicating that buying pressure far exceeds selling pressure, with capital actively flowing in. This structure of “buyer-dominated buying” was last seen in November 2024, when DOGE subsequently recorded a surge of up to 385% in the fourth quarter, reaching a peak of $0.48.
Against the backdrop of a stable and improving market structure, anonymous technical analyst Trader Tardigrade expressed optimism about the subsequent performance of the DOGE/BTC trading pair. He noted that the current chart structure is highly similar to when DOGE skyrocketed from $0.0024 to $0.739, achieving nearly a 30,000% increase, suggesting that history may repeat itself.
Based on this, analysts anticipate that Bitcoin may enter a consolidation phase after completing a round of upward movement, often serving as a window for Dogecoin to initiate an independent strong rally that could last for several weeks.
Additionally, trader Tardigrade added that DOGE's medium-term target remains the $1 mark. Since 2024, Dogecoin has seen its third MACD bullish cross on a weekly basis. Looking back at history, the previous two occurrences were in early and late 2024, respectively, propelling DOGE up by 180% and 385%, which also provides strong technical support for the current trend.
