Recent data reveals a strong correlation between Dogecoin’s price action and Bitcoin’s potential surge in May, likely due to the anticipated bullish momentum. On-chain analysis indicates that institutional investors, alongside large ‘whale’ holders, have been actively accumulating Dogecoin over the past few weeks. The recent surge above $103,000 for Bitcoin has reignited FOMO (Fear of Missing Out) amongst traders in the memecoin space, driving Dogecoin up significantly. The total crypto market cap has soared nearly 24% in just 24 hours, reaching around $70B. This impressive growth is largely fueled by the robust DeFi and CeFi infrastructure established over recent years, which continues to attract more speculative investors seeking short-term gains.