The Dogecoin price surge comes with a 12% surge in daily trading volume despite the SEC delaying its decision on Grayscale’s spot Dogecoin ETF.
Earlier today, the Dogecoin DOGE $0.23 24h volatility: 3.1% Market cap: $34.50 B Vol. 24h: $2.34 B price surged over 4%, moving all the way to $0.232, with daily trading volume surging 12% to more than $2 billion. This comes despite the US Securities and Exchange Commission (SEC) delaying the decision on a spot Dogecoin ETF from Graysclae Investments.
Recently, Dogecoin has been trading in a tight range between $0.22 and $0.25, and is still trading 38% up on the monthly chart. However, it has found stiff resistance at $0.25, where early investors have been doing heavy distribution.
Crypto analyst Ali Martinez has highlighted a potential breakout scenario for Dogecoin (DOGE) as the meme-inspired cryptocurrency gains momentum. “Momentum is building!” Martinez noted. According to Martinez, if Dogecoin manages to surpass the critical resistance level at $0.239, it could pave the way for a rally toward $0.265.
https://twitter.com/ali_charts/status/1925116354065273177
Dogecoin Price Is Preparing for 215% Gains Ahead
Crypto analyst Javon Marks has drawn attention to Dogecoin’s (DOGE) historical bull cycle patterns, suggesting the current setup mirrors previous rallies. Based on past trends, Marks predicts that DOGE could experience a significant surge of over 215%, potentially reaching a minimum price of $0.73905.
“By Dogecoin’s previous bull cycles and its similar setup this cycle, another nearly +215% increase can be on the way,” Marks stated.
By Dogecoin's previous bull cycles and its similar setup this cycle, another nearly +215% increase to $0.73905, AT THE MINIMUM, can be on the way ⚡️.$DOGE pic.twitter.com/0CQt5EPADZ
— JAVON⚡️MARKS (@JavonTM1) May 21, 2025
Some market analysts have also been giving much higher price targets of $1 and beyond for Dogecoin price. A technical analysis chart shared by cryptocurrency analyst “Trader Tardigrade” suggests DOGE may be forming its third major cup and handle.
According to the analysis, Dogecoin appears to be nearing the completion of its third such pattern. Also, the logarithmic scale suggests that potential targets could reach as high as $6.00, significantly above Dogecoin’s current trading range.
#Dogecoin's 6-month chart provides a clear macro picture of its past gains and forecasts its future moves 🔥$Doge pic.twitter.com/Ad92UyHdBj
— Trader Tardigrade (@TATrader_Alan) May 20, 2025
DOGE ETF Decision Delayed Once Again
Grayscale Investments has taken a significant step in expanding its crypto offerings by filing for a spot Dogecoin (DOGE) ETF, following the launch of its DOGE Trust in January. The US Securities and Exchange Commission (SEC) acknowledged the DOGE ETF filing in March, initiating the official review process.
The SEC is expected to announce its decision on the Dogecoin ETF by June 17. Bloomberg Senior ETF Analyst James Seyffart commented on the development, noting that delays in the approval process for such products are a common occurrence.
Earlier this week, the SEC postponed its decision on the Solana ETF applications submitted by Bitwise and 21Shares.
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