Dogecoin is approaching a critical moment with nearly 96.52 million tokens set to unlock between May 12 and May 19, which may significantly impact the market.
Impact of DOGE Unlock Events
The market is set to see the unlocking of approximately 96.52 million DOGE, worth about $22.75 million. This event coincides with unlock events of other major tokens such as Aptos (APT) and Solana (SOL), potentially increasing selling pressure.
Technical Situation of DOGE
Dogecoin has shown positive technical performance in recent weeks, breaking above the $0.20 mark to reach $0.25. However, with an RSI at 73, a correction is likely, especially with fresh supply entering the market.
Dogecoin's Prospects in the Coming Days
As millions of tokens are about to enter circulation, the next few days will be crucial for Dogecoin's short-term future. If demand can absorb the new supply, growth may continue. Conversely, mass selling could drive the price down to $0.20 or lower.
The fate of Dogecoin in the coming days will depend on the market's ability to absorb the new token supply. Close attention to price dynamics and market sentiment is advised.
