In recent days, Dogecoin has shown significant growth, surpassing 6% in a day amid a positive trend in the cryptocurrency market, especially after Bitcoin reached a new record.
Bitcoin Record and Dogecoin Impact
Bitcoin reached a new record of $111,600 on May 22, 2025. At the same time, Dogecoin increased by over 6%, currently trading at $0.2408, having risen from an intraday low of $0.2244. Dogecoin's trading volume has also increased by 4.5%, reaching $2.8 billion.
Market Analysis and Predictions
Market analyst Ali Martinez pointed out a ‘bullish breakout’ on Dogecoin’s hourly chart, which may push the price towards $0.31, indicating an almost 29% increase from current levels. He also noted that Dogecoin previously struggled around $0.26 but seems ready for further upward movement.
Dogecoin's Prospects Amid Overall Market
Another analyst, Chad, confirmed that Dogecoin's weekly chart shows a positive trend. He expects the price to first reach $0.26 and then possibly climb to $0.41, and even as high as $0.74 in the long term. As Bitcoin has gained over 60.51% this year, this creates a favorable backdrop for Dogecoin's growth.
Overall, Dogecoin's price action is closely tied to Bitcoin's performance. Sustainable Bitcoin growth creates favorable conditions for Dogecoin to improve its market positions.
