Dogecoin Gains 25% in Month to 0.114, Outperforms Majors

Dogecoin surged about 25 percent over the past month, reaching around 0.114 as of May 14, outperforming major cryptocurrencies like Bitcoin and Ethereum amid a slight decline in the broader market's total valuation near 2.8 trillion dollars.

The meme coin's price climbed roughly 2 percent in the previous 24 hours, trading in a narrow range between 0.109 and 0.115, according to data from CoinGecko and CoinMarketCap. Spot trading volume jumped more than 60 percent to about 2.5 billion dollars, exceeding that of some larger tokens like BNB. Futures open interest rose over 5 percent to 1.79 billion dollars, with trading volume increasing 80 percent to nearly 4 billion dollars, per CoinGlass figures. Short liquidations dominated, totaling millions across exchanges like Binance and OKX, while positive funding rates around 0.005 signaled sustained buyer interest.

Analysts pointed to several factors driving the momentum. Dogecoin broke out of a long-term descending channel on daily charts, with the 50-day exponential moving average crossing above the 100-day average, a pattern that preceded gains in prior periods. On-balance volume indicated net buying pressure, and some charts showed...