The performance of Dogecoin has been robust, with a surge in its price as the cryptocurrency market bounces back, and significant increases in crucial network statistics hinting at growing investor enthusiasm.
Over the last day, Dogecoin (DOGE) has experienced a surge, propelled by positive movements within the larger cryptocurrency market and improvements in several network metrics. On Thursday, May 22nd, Dogecoin was trading at approximately $0.2410 USD, representing a 6% increase compared to the previous 24 hours.
The event took place concurrently with an increase in social media buzz surrounding Dogecoin, as traders showed optimistic views again. Notably, crypto trader and analyst Ali Martinez mentioned that Dogecoin could possibly surge up to 0.31 dollars, hinting at a potential price jump.
#Dogecoin $DOGE appears to be breaking out of a bull pennant, which suggests a target of $0.31!
— Ali (@ali_charts) May 22, 2025
Moreover, it’s worth noting that Dogecoin has taken the shape of a head and shoulders chart pattern, a common technical indicator that typically foretells a price surge. This structure, formed over a series of weeks, propelled Dogecoin to reach a peak of 0.25 dollars. Currently, the asset seems to be testing its support level, potentially aiming for a new high of 0.30 dollars.
Why is Dogecoin up on 6%?
The surge of Dogecoin can be partly attributed to a broader trend in the cryptocurrency market. On that very day, Bitcoin reached an unprecedented peak of $111,861. Many of the top 100 cryptocurrencies were on the rise, with numerous assets recording double-digit increases in value.
Apart from broader market movements, Dogecoin is also gaining due to robust technical indicators and enhanced on-chain statistics. Significantly, large investors or ‘whales’ are increasingly stockpiling the cryptocurrency. Remarkably, addresses containing between 1 million and 10 million Dogecoins have accumulated approximately 800 million tokens since May began.
The number of active Dogecoin addresses has significantly increased, climbing up by an impressive 990% within the last week. This significant rise can be attributed to Coinbase’s introduction of a wrapped version of Dogecoin, called cbDOGE, on the Binance Smart Chain (BSC) network. With this new version, users now have the ability to stake, trade, and lend their Dogecoin tokens on decentralized finance platforms built on BSC.
Investors are anticipating that certain Dogecoin Exchange Traded Funds (ETFs), such as those proposed by Grayscale and Bitwise, might be approved. This speculation is fueling an increasingly optimistic perspective among traders regarding the investment potential of Dogecoin.
Read More
2025-05-22 19:28