As of May 16, 2025, the DOGEUSD 4-hour chart shows that Dogecoin has created a bullish pennant pattern.
A bullish pennant is a continuation pattern that forms after a strong price rise, followed by a short period of consolidation between converging trendlines, before a possible breakout upward.
If this pattern is confirmed, Dogecoin could rise about 46%, which would bring the price target near $0.33 from the breakout point around $0.227.
The price surged from approximately $0.16 to $0.27 between May 7 and May 10, forming the flagpole of the pennant. Since then, DOGE has been consolidating in a triangle pattern with declining volume, a typical sign of a bullish pennant setup.
The 50-period EMA (Exponential Moving Average) on the 4-hour chart sits near $0.22042, currently acting as dynamic support. Dogecoin continues to hold above this moving average, which supports a bullish bias.
The RSI (Relative Strength Index) is flat near 50.15, indicating neutral momentum. However, a breakout above the upper pennant trendline could shift momentum in favor of buyers.
The breakout level appears near $0.238, just above the triangle resistance. If DOGE closes above this price with increasing volume, the pattern would be confirmed. Based on the flagpole height, the target is set around $0.33, marking a projected 46% increase.
In short, if volume increases and price breaks above the pennant resistance, Dogecoin could enter a strong upward move toward $0.33. If it fails to break out, the price may retest the 50 EMA or drop to the base of the triangle near $0.22.
Dogecoin Enters Optimism Zone as NUPL Hits Three-Month High
Dogecoin’s Net Unrealized Profit/Loss (NUPL) has surged to its highest level in three months, according to Glassnode data. This metric shows the difference between unrealized gains and losses across all DOGE holders. Right now, it indicates that most investors are sitting on profits, not losses.
This sharp rise places Dogecoin firmly in the “optimism” zone, a phase that often reflects growing belief in future price growth. When the market enters this zone, it suggests that participants expect prices to keep climbing. Confidence is rising, and fewer holders feel pressure to sell at current levels.
As more investors hold DOGE at a profit, the incentive to sell weakens. This reduces selling pressure, supports price stability, and creates the conditions for sustained upward momentum. The higher the profit margin across the network, the more confident holders tend to become.
Combined with recent price gains, the strong NUPL reading paints a bullish picture. If this trend continues, Dogecoin could see stronger support on any dips and more participation during rallies.
Dogecoin Active Addresses Hit Six-Month High, Signaling Growing Network Demand
At the same time, Dogecoin’s number of active addresses has surged to its highest level in six months, according to data from Santiment. This rise in 24-hour activity reflects growing participation from users who are either transacting with or holding DOGE.
This increase in network engagement suggests renewed interest and trust in the asset. As more wallets interact with the network, Dogecoin gains traction among both new and existing holders.
Rising activity also supports better liquidity and deeper market depth. With more users involved, DOGE can handle larger trades and respond more smoothly to price changes. This growth in active usage adds to the overall bullish momentum seen in recent weeks.
Dogecoin ETF Review Process Begins After SEC Filing
On April 9, 2025, the U.S. Securities and Exchange Commission (SEC) officially accepted 21Shares’ application to launch a Dogecoin exchange-traded fund (ETF). This action marks the start of a formal review period that could extend up to 240 days.
Following the announcement, Dogecoin’s price surged more than 6%, as investor sentiment turned bullish. The Dogecoin community welcomed the news, expressing optimism about increased institutional access to the cryptocurrency.
Although the ETF is still under review, the regulatory process signals growing acceptance of meme coins in mainstream financial products. Supporters hope the ongoing review will move faster under the current pro-crypto U.S. administration.
Whales Accumulate 1 Billion DOGE as Network Activity Surges
Analysts on X remain optimistic as Dogecoin’s on-chain momentum strengthens. According to Santiment data, three key metrics—daily active addresses, transaction volume, and whale transactions—have all spiked alongside recent price movements.
The chart shows a clear increase in daily active addresses (orange bars), indicating higher user participation. At the same time, transaction volume in USD (red line) surged, reflecting growing capital flow across the network. Most notably, whale transaction count (blue line), which tracks transfers above $100,000, jumped sharply in early May, coinciding with DOGE’s price rally.
These synchronized rises in user activity, transaction size, and volume support bullish sentiment. They show that both retail and large holders are engaging more actively with the network. This uptick in usage suggests that confidence is building, and the market is preparing for another possible move.
Whales Accumulate Over 1 Billion DOGE, Fueling $11B Market Cap Surge
In the past 30 days, Dogecoin has seen strong accumulation by large investors, with over 1 billion DOGE added to wallets holding between 100 million and 1 billion tokens. This accumulation, valued at more than $223 million, marks a sharp increase in whale demand.
The Santiment chart shows a clear rise in holdings from this large cohort starting in early May 2025, aligning closely with the upward breakout in DOGE’s price. As accumulation intensified, the market capitalization of Dogecoin jumped by $11 billion, reaching roughly $33.37 billion.
This behavior signals growing confidence among whales, who often act ahead of broader market moves. Their accumulation tends to reduce circulating supply, support price strength, and signal long-term conviction. Combined with bullish on-chain metrics, the sustained buying from these large holders adds weight to expectations of further upside in the near term.
