Global Risk Appetite
Dogecoin (DOGE) price spiked over 50% in the first two weeks of May, rising from around $0.16 on April 30 to above $0.26 by May 11. The sharp upward move marked the memecoin’s best two-week performance since early 2021, fueled by a combination of derivatives activity, speculative flows, and social media-driven narratives.
DOGE’s breakout also coincided with a significant rise in futures open interest and funding rates, indicating heightened risk-taking across derivatives platforms. However, the memecoin’s rally has halted since then, with DOGE prices dropping to $0.23 within days of reaching a multi-week high on May 11.
The broader crypto market has remained bullish through the same period. Bitcoin has held above the $102,000 mark after peaking near $104,000, while Ethereum stabilized above $3,000, with both assets benefitting from improved macro sentiment. Altcoins such as Solana and XRP also posted double-digit percentage gains as capital rotation picked up speed across the high-beta segment.
One of the key macro triggers behind the recent market-wide risk-on pivot was the announcement of a new trade agreement between the U.S. and China on May 12. The deal includes commitments from both sides to reduce tariffs on semiconductor-related equipment and ease restrictions on cross-border capital allocation.
Equities responded with a sharp rally, with the S&P 500 gaining over 3% in a single session, its strongest daily performance in nearly two months. The move helped boost crypto momentum as global risk appetite improved, dragging memecoins like DOGE along for the ride.