Between May 12 and May 19, Dogecoin will undergo a primary token unlock, releasing approximately 96.52 million DOGE, worth about $22.75 million, into circulation. According to Tokenomics data cited by WuBlockchain, this unlock represents around 0.06% of the total Dogecoin supply. Although relatively small in percentage terms, this event arrives at a time of increased market volatility and broader token unlock activity across the crypto sector.
Wider Market Sees Over $774 Million in Unlocks
Alongside Dogecoin, several high-profile cryptocurrencies—including Aptos (APT), Arbitrum (ARB), Solana (SOL), and Worldcoin (WLD)—will see scheduled unlocks this week. These events will release over $774 million worth of tokens into the market.
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Historically, such large-scale unlocks often introduce selling pressure, especially during overheated market conditions or when prices rest on weak support levels. Ahead of the unlock, Dogecoin showed notable strength. The token cleared the psychological resistance at $0.20 and climbed as high as $0.25. It also broke through both the 100 and 200 Exponential Moving Averages (EMAs).
24-hour price chart. Source: TradingView
However, the Relative Strength Index (RSI) stands at 73, placing DOGE firmly in overbought territory. This positioning typically signals that the token may face exhaustion or a short-term pullback, particularly if newly unlocked tokens begin entering the market.
Support at $0.21 Crucial for Next Moves
DOGE is currently finding support near the 200 EMA at $0.21. If this level holds, Dogecoin could continue its upward momentum and retest the $0.30 mark. On the other hand, if the influx from the unlock leads to heavy selling, the token could quickly drop back to $0.20 or even $0.19.
Related article: Is Dogecoin Poised to Hit $1? Analyzing the 2025 Market Trends
Although Dogecoin’s unlock makes up a small fraction of its supply, similar events in other tokens have often shifted market sentiment. They can tip the balance toward bearish trends when unlocks happen during uncertain market conditions or price saturation. That said, if strong demand persists and the market absorbs the new supply without panic, Dogecoin could continue benefiting from the bullish momentum seen in May.
Investors should closely monitor DOGE’s price action around the $0.21 support zone. Whether the token holds its ground or falters under the pressure of the unlock wave will determine if the recent rally has legs—or if it stalls out in the short term.
