Dogecoin: Dead Coin Walking or Primed for a New Bull Run?

Dogecoin (CRYPTO: DOGE) is still a hot topic in the crypto world. The meme coin rose to unexpected fame and has continued to be discussed by fans, celebrities and the media.

But is Dogecoin dead, or does it still have momentum?

Here's a look at how Dogecoin is performing in May 2025, new developments, fan sentiment, on-chain activity and what's next for the coin.

What Happened: Dogecoin was trading at $0.2246 at press time on Friday. The coin is down 71.8% from its all-time high of $0.81, which it hit in May 2021.

Dogecoin is up 28.92% in the past year and down 37.78% year-to-date.

The coin is trading at a price-to-earnings multiple of 32.68, which is calculated by dividing the market cap of $3.69 billion by the coin's annualized earnings.

Dogecoin has a market cap of $32.68 billion, making it the eighth-largest cryptocurrency. It also represents about 1% of the total cryptocurrency market cap.

About 1.27 billion Dogecoin were sold on Friday, and the 24-hour volume is $3.45 billion. For reference, the daily volume of stock market trades is about $1 trillion.

On Monday, May 13, the number of active Dogecoin addresses increased by 528% in a 24-hour period, rising from 74,640 to 469,477. The increase in active addresses follows news that the Securities and Exchange Commission had approved an updated application for a Dogecoin ETF from 21Shares.

The week leading into Tuesday, May 14, saw active wallets increase by nearly 990%.

The amount of Dogecoin traded increased by 41% on Monday, reaching $23.35 billion.

In May, whale activity saw large investors, or those with holdings of 100 million to 1 billion DOGE, add over 1 billion DOGE to their holdings in the month. The large investors added 600 million DOGE in a two-day period around May 11.

Related Link: 5 Things You Should Know About Dogecoin (CRYPTO:DOGE)

Dogecoin Core Integration

Dogecoin is often criticized for a lack of new technology, but the Dogecoin Foundation, which was re-founded in 2021 with advisor Vitalik Buterin, is working to strengthen the coin.

The Foundation is focused on several key areas:

Dogecoin Core, the main software, continues to be updated for better security, speed and ease of use. In 2024, there were minor updates, including versions 1.14.8 and 1.14.9, which patched some critical vulnerabilities.

Libdogecoin, a toolkit for developers, is designed to make it easier to create things that work with Dogecoin. In early 2024, Libdogecoin 0.1.3 gained Android compatibility and better security. By April 2025, version 0.1.4 was released, adding support for trusted execution environments and faster transaction verification.

For businesses that want to accept DOGE payments, GigaWallet is being developed as a back-end system that aims to integrate smoothly with online shopping carts and provide easy-to-use tools for developers.

RadioDoge is an initiative focused on enabling Dogecoin transactions without internet connectivity using LoRa radio signals and Starlink satellites. The first internet-free Dogecoin transfer was successfully performed in 2023.

There are also ongoing discussions about migrating Dogecoin from its current Proof-of-Work consensus mechanism to a more energy-efficient Proof-of-Stake model. Buterin has contributed ideas for a “community staking” concept.

In the Layer-2 and DeFi space, projects like Dogechain are exploring ways to bring smart contracts, decentralized finance and NFTs to Dogecoin. DogeOS, an operating system platform, recently secured funding to help individuals build everyday applications on Dogecoin.

According to data from CryptoMiso, which tracks public code changes on GitHub, Dogecoin saw 119 updates and contributions from 99 different people over the past year.

The Dogecoin Foundation's "Trailmap" for 2024 centers around making Dogecoin more useful and promoting new ideas from its users, including standardizing a formal "Dogecoin Standard" and building "Dogebox" to assist businesses in integrating with Dogecoin in a decentralized manner.

Dogecoin Army

No discussion of Dogecoin would be complete without mentioning its passionate fanbase, often called the "Doge Army." This group, known for its high spirits, sense of humor and charitable endeavors, has played a significant