Dogecoin Sentiment Hits Lows, Sparking Contrarian Investment Buzz: Santiment

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Lately, the conversation and enthusiasm about Dogecoin seem to have dropped, as indicated by the social media chatter and crowd sentiment analysis. With Santiment’s recent report suggesting a bearish rating of 1 out of 5 for Dogecoin, it could potentially offer an unexpected buying opportunity for bold investors. If the broader cryptocurrency market recovers, there might be significant potential upside for Dogecoin. Here are its current details:

– DOGE: $0.34
– 24h volatility: 4.2%
– Market cap: $49.35 B
– Volume (24h): $3.79 B

On December 9th, Dogecoin’s price reached a high of $0.46, largely due to Elon Musk briefly changing his Twitter handle to “Kekius Maximus”. But since then, Dogecoin has experienced a decline in market cap by approximately 18%, dropping to $48.98 billion. Currently, it’s trading at around $0.332, marking a decrease of roughly 19% over the last month.

According to Santiment’s analysis, the public sentiment towards DOGE is near its lowest point in the last year. Similarly, Google Trends data indicates a significant drop in people’s curiosity about Dogecoin, with searches currently at 22 – a far cry from the peak of 100 reached in mid-November.

Currently, the prolonged crypto market bull run is leading to an increase in various meme coins with animal themes. This trend has caused some investors to question if the popularity of dog-themed tokens, such as Dogecoin and Shiba Inu, might be declining. However, newer coins like PEPE are now emerging and making a name for themselves in the meme coin market.

Here’s a breakdown of PEPE:
– Current price: $0.000018
– 24h volatility: 2.9%
– Market cap: $7.45 billion
– 24h volume: $1.63 billion

Lately, several popular meme coins in the top 100 cryptocurrencies have seen a decline. Over the past day, the entire meme coin market has dropped by over 5%. As per CoinMarketCap data, the combined market capitalization of leading meme coins now stands at approximately $96.89 billion.

Over the last year, I’ve witnessed Dogecoin surge an astounding 500%. This growth has been accompanied by a staggering increase in its market capitalization, which has skyrocketed by a massive 450%. Given these impressive figures, it seems like Dogecoin could be a promising option for long-term investment.

Dogecoin (DOGE) Price Optimism

Santiment posits that the recent drop might offer a favorable moment for investors who prefer counter-trend strategies to take advantage of Dogecoin’s potential comeback. Simultaneously, various analysts foresee a robust showing by DOGE in 2025. Anonymously, trader Wizz recently shared on X his belief that Dogecoin will surpass many significant digital currencies in the near future.

Analyst Alan has pointed out that Dogecoin’s recent price movements resemble those from 2017. In that year, Dogecoin stabilized close to its peak value before experiencing a major price surge. Should history repeat, it is predicted by the analyst that Dogecoin’s current period of stability could persist for several months before a new bull market takes off.

Based on my analysis, technical indicators and historical price patterns suggest a potential range of $3 to $5 for the largest memecoin by the end of this year, as predicted by industry experts.

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2025-01-09 12:48