DOGE has lost 16.27% of its value in the last 30 days alone. However, as May approaches, history could be kind to the coin and help it recoup some of its losses.

If the cryptocurrency starts a bull run next month, the volume should be at least 3 to 5 times its current value. If it doesn't, May could turn into a month of mild gains or sideways movement.

Realistically, DOGE may not be able to produce that kind of performance and the reasons are clear. During the previous bull cycle, there weren't as many memecoins sharing liquidity with Dogecoin as there are now. As such, the price of memecoin could rise. Unfortunately, targets in a highly bull scenario could remain between $0.18 and $0.22.