Dogecoin (CRYPTO:DOGE) recently emerged as a top performer in the cryptocurrency market, surpassing even premier assets like Bitcoin in terms of monthly gains.

In a notable rally, CoinGecko data highlighted that the popular meme coin experienced over a 26% increase in price, overshadowing Bitcoin's (CRYPTO:BTC) respectable 19% uptick during the same period in May.

Despite this impressive surge, the latest on-chain data suggests that investors might still be cautious, hinting at underlying trends not immediately apparent from price movements alone.

This discrepancy raises questions about the sustainability of Dogecoin's price rally and the cryptocurrency market dynamics influencing investor behavior.