Dogecoin (DOGE) price performed better than the rest of the top-10 altcoins by market capitalization in the past 24 hours. As Bitcoin (BTC) price teased above $97k and the total crypto market cap gained 1.2 percent in the past 24 hours to hover about $3.12 trillion, DOGE price rallied over 5 percent to trade around $0.1813 on Thursday, May 1, during the mid North American session.

The early bull phase – characterized by rising optimism and a breakout from key resistance levels – has signaled the onset of the much anticipated parabolic phase of the 2025 crypto bull cycle. Due to the upbeat economic data and strong earnings reports, major U.S. stock index futures had a flat start on Thursday.

As investors adjust accordingly, amid the Wall Street quarterly earnings report and improving trade war negotiations, on-chain data shows whale investors have increased their appetite for memecoins, led by Dogecoin. According to market data from Santiment, Dogecoin investors, holding between 1 million and 10 million coins, added 100 million DOGE in the past week to currently hold about 10.55 billion coins.

The rising demand for DOGe coincides with the notable spike in its Futures Open Interest (OI) to about $1.88 billion, from about $1.31 billion on April 9, 2025. Additionally, as Coinpedia reported, the odds for a Doge ETF approval before the end of this year have significantly increased, with Polymarket’s users betting at a 68 percent approval rate.

Dogecoin price has depicted a high correlation with Bitcoin price action YTD, catalyzed by its high adoption by institutional investors. The large-cap memecoin, with a fully diluted valuation of about $26.9 billion and a 24-hour average trading volume of around $1 billion, is aiming for 26 cents, which coincides with the 200-day Moving Average Simple (SMA).

From a technical analysis standpoint, DOGE will enter its price discovery in the near future. However, the weekly MACD line must cross above the signal line and the Relative Strength Index (RSI) regains above 50.