Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Sees
Social Sentiment
Crash To New Lows, Why
This Could
be A
Good ThingFor Its Price
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Sees Social Sentiment Crash To New Lows, Why This Could be A Good
Thing For Its Price
by Scott Matherson
3 minutes ago
in Altcoin News , Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin
0
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin, one of the most popular cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта and the first meme coin,
has experienced a crash in social sentiment and market cap in recent weeks.
According to a new report by crypto analytics firm Santiment, the public’s
attention on DOGE is dwindling, driven by its 26% drop in value since its
price high one month ago. Despite this bearish trend, Santiment analysts
believe that this decline in sentiment could be a good sign for Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s
future growth .
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Sentiment Hits New Low
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin has struggled to reclaim past previous highs following its brief
surge in November 2024. Interestingly, the meme coin also saw a slight uptick
at the start of the year when Elon Musk temporarily changed his X social media
profile name to ” Kekius Maximus ,” a new frog-themed meme coin.
Related Reading: Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Whale Activity Explodes 400% In 24 Hours As Large
Players Buy DOGE At A ‘Discount’
After Musk’s sudden name change, Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin experienced a sharp price surge, but
it was short-lived. The meme coin eventually erased 28% of its market
capitalization while experiencing a dramatic decline in social media activity
and general public interest.
According to Santiment crypto analyst Brainq, Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s crowd sentiment is at
its lowest point over the past year. The analyst rates Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s crowd
sentiment at just 1 out of 5, signaling a lack of enthusiasm and engagement
from investors and traders. Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s social sentiment results also contrast
significantly with the more optimistic ratings of other popular
cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта like XRP and Solana (SOL) , which scored 4 out of 5. Source:
Santiment
Fluctuations in social sentiment is not unusual for meme coins, which are
primarily driven by market trends and social activity. Earlier in 2024,
DOGE s popularity across social media grew significantly following news
of Musk’s Department of Government Efficiency (D.O.G.E) proposal and Donald
Trump’s victory in the U.S. presidential elections.
At the time, the meme coin’s rising popularity had coincided with a sharp rise
in its price, pushing it well above the $0.4 level. However, with social
sentiment now at a notable low point , it seems likely that DOGE could face
further price declines and increased volatility. Contrary to this outlook,
Santiment suggests that Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s social sentiment crash could serve as a
springboard to a major price rebound .
Related Reading: Here’s Why The Shiba Inu And Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin Prices Have Crashed
More Than 10% Today
Why DOGE Sentiment Crash Might Signal An Opportunity
While Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s declining sentiment may seem like a bearish signal, Santiment
argues it could present an opportunity for risk-tolerant investors. Brianq
notes that low crowd sentiment often coincides with periods of undervaluation,
potentially creating a chance to accumulate tokens before the price rebounds.
The Santiment analyst predicts that if the broader crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта trends
upwards again, DOGE could experience a significant reversal, pushing its price
away from bearish trends to the upside. Essentially, the analyst’s report
suggests that the decline in Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin’s social interest could be a classic
case of ‘buy low, sell high’ for investors willing to take a calculated risk.
DOGE price struggles to establish support | Source: DOGEUSDT on
Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com