Having Soared 41.38% in a Month, Dogecoin (DOGE) Experienced Some Selling Pressure on the Morning of May 15

Having soared 41.38% in a month, Dogecoin (DOGE) experienced some selling pressure on the morning of May 15, which dropped its price by 2.65% to $0.23 on the daily chart.

Although the latest move was downward, DOGE’s performance is primarily driven by the wider cryptocurrency market positivity and regulatory developments such as the Securities and Exchange Commission (SEC) acknowledgment of 21Shares’ updated filing for a spot Dogecoin exchange-traded fund (ETF).

With retail interest surging, the odds of regulatory approval rising, and volatility soaring, Finbold consulted ChatGPT-4o about where the popular meme coin is likely to stand on June 1, 2025.

ChatGPT sets DOGE price target for June 1, 2025

The artificial intelligence (AI) platform was swift to zero in on the staggering rise in Dogecoin addresses, given they shot up from 74,640 to 469,477, together with the meme coin’s price.

The soar in DOGE network activity has been days in the making. For instance, prominent on-chain analyst Ali Martinez noted a rapid rise to 127,570 active addresses already on the morning of May 14.

According to the information ChatGPT retrieved, the platform concluded that the daily rise was likely driven by and, at the very least, coincided with the SEC acknowledging the spot ETF filing.

Although it focused on the May 13 activity as mostly positive, the AI noted that DOGE open interest — the measure of all active positions in a specific contract — surged to approximately $3 billion, helping generate volatility and possibly leading to the downward pressure observable by May 15.

ChatGPT also examined technical factors such as Dogecoin’s relative strength index (RSI), which it said indicates neutrality with a reading of 47.6. The popular ‘Fear & Greed Index’—an index that gauges investor confidence in the strength of the market—however, tells a more bullish story and stands at 73, firmly in the ‘Greed' territory.

AI explains why DOGE is likely to mostly trade sideways by June 1, 2025

When challenged that its prediction means that DOGE will stay mostly level by June 1, 2025, ChatGPT retorted that investors are overwhelmingly bullish on the one hand, but the meme coin continues being driven by hype, and the hype from the ETF has already been priced in with the latest upsurge.

The AI did acknowledge that a handful of factors could drive Dogecoin further up, naming a broader ‘melt-up,’ a sooner-than-expected spot fund approval, or the billionaire Elon Musk posting ‘something stupid again’ on X.

Technical analysis contradicts ChatGPT’s cautious bullishness

External technical analysis only partially backs ChatGPT’s assessment. The RSI has risen to 69.42, moving Dogecoin from ‘neutral’ to ‘overbought’—thus signalling a ‘sell’ recommendation.

Similarly, not rounding up DOGE’s price reveals that the cryptocurrency is trading dangerously close to its nearest support of $0.225542 and at $0.22621. The closest resistance level of $0.242749 has, however, already been tested and rejected on May 10, 12, and 14, increasing the odds of a deeper bearish turn.