Bitcoin typically experiences a surge in value following the Halving event, while analysts note Dogecoin's historical tendency for significant gains in May. This suggests a potential substantial increase in its listed value next month, provided favorable conditions persist. Historically, May has seen an average gain of 85%, with a maximum of 535%.

A rise in value could pave the way for Dogecoin to reach the $1 milestone, considering its ATH of $0.73. Despite strong community support, analysts anticipate a possible sell-off phase as many entered the market in 2021 and are facing paper losses. Volatility is expected, making any sign of profit attractive for these investors to secure gains rather than wait for higher values. However, the community's cohesion may persist despite speculative fluctuations.

Dogecoin currently stands at $0.1616, reflecting a 1.72% increase in the last 24 hours, 3.30% in the last 7 days, and a notable 104.52% in the last 365 days. Market cap and 24-hour volume also saw slight increases at the time of writing. Price predictions estimate Dogecoin to end the year at $0.26 or $0.23 by 2024, hinting at a potential rise.

Rekt Capital emphasized Dogecoin's cyclical trends within the altcoin sphere, despite challenges from emerging meme coins like PEPE, SHIB, and WIF. While these tokens have seen recent gains, Dogecoin's robust community support and cyclicality may insulate it from significant impact. However, significant price increases may trigger sell-offs from long-term holders, influenced by decisions from minnow investors.

Furthermore, Dogecoin's Open Interest in the derivatives market has dropped, but this is unlikely to significantly affect its trajectory towards reaching $1 eventually, given its cyclicality in the chart.