A drop in the number of posts about Dogecoin on social media and a less positive overall feeling towards it might suggest a potential buying chance for traders, as suggested by the crypto analysis company Santiment.
According to Santiment’s report on January 9th, the general feeling or opinion among the public has reached one of its lowest points over the course of the past year.
The research company assigned a bearish public opinion score of 1 (on a scale of 1 to 5) to Dogecoin (DOGE), which is notably lower compared to the 4 scores given to both XRP (XRP) and Solana (SOL).
Being bullish on DOGE during an ‘extremely quiet’ period could pay off
Santiment suggests that being boldly against Dogecoin could present an opportunity for significant gains if the cryptocurrency market starts to rise once more, as they see potential upside in this approach.
“Crypto’s top memecoin has been extremely quiet outside of a temporary run-up at the beginning of the year (coinciding with Elon Musk’s brief handle change to ‘Kekius Maximus’). Since its top exactly one month ago, Dogecoin has shed -28% of its market cap.”
Currently, as of its latest release, a single Dogecoin is being exchanged for approximately 0.34 US dollars. Over the last month, its value has decreased by 15.33%. This information is sourced from CoinMarketCap.
Similarly to other popular meme coins, those ranked in the top 100 have experienced decreases over this timeframe. Notably, Shiba Inu (SHIB), currently ranked as the 16th largest cryptocurrency by market capitalization, has dropped by 15.92%. On a more significant note, Pepe (PEPE) has dipped by 22.17% during this period.
Although Dogecoin isn’t receiving much attention on social platforms right now, certain investors anticipate it may rank among the top performing cryptocurrencies in 2025.
Traders hopeful of Dogecoin’s performance in 2025
Anonymously trading on cryptocurrency, user Wizz shared with their 768,700 followers via a January 6th post on the platform X that Dogecoin is expected to surpass many prominent digital currencies within the subsequent three to six months.
Cryptocurrency trader KrissPax shared with his 63,700 followers on January 9th that the behavior of Dogecoin’s price seems reminiscent of what it was like a year ago.
KrissPax predicts that by November 2024, the price of Doge will rise, then fall and currently seems to be stabilizing. He anticipates a significant surge in its value by 2025.
According to some financial experts, the value of Dogecoin could potentially reach anywhere from $3 to $5 by the year 2025, as suggested by the Gaussian Channel indicator. This tool helps traders determine the highest and lowest price levels by examining the distribution pattern of the asset.
Over the past few weeks, I’ve noticed a significant dip in interest for Dogecoin, with search volumes plummeting approximately 74% since the week following Donald Trump’s victory in the U.S. presidential election on November 5th. This drop in curiosity suggests that the crypto market may be cooling down a bit, and I’m keeping a close eye on it to decide whether it’s the right time to invest or hold onto my current portfolio.
In the same week, a legal action brought against Elon Musk and Tesla, claiming that he influenced the value of Dogecoin through interviews and social media updates, was voluntarily dropped by the accusers on November 14, 2024.
As per Google’s data, the number of searches related to “Dogecoin” on January 4th within the last week was 26, representing a significant decrease of 74 points compared to the peak of 100 recorded on November 16th.
This piece is meant to provide you with a broad understanding; it’s not intended as legal or financial guidance. The perspectives, ideas, and viewpoints shared here belong solely to the writer and may not align with those held by CryptoMoon.
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2025-01-09 07:14