Dogecoin social sentiment highest since October; Will DOGE pump 160% again?

After a brief recovery, the cryptocurrency market is consolidating again, including one of its most recognized dog meme tokens, Dogecoin (DOGE), but a bullish rally could still be in store as it is witnessing the highest social sentiment in the past four months.

As it happens, the last time Dogecoin had similar social sentiment was in October 2022, which was followed by DOGE soaring 160% in subsequent days, according to the observations made by renowned cryptocurrency expert Ali Martinez on February 16.

As he explained using a chart created at the crypto tracking platform Santiment:

“Social sentiment around Dogecoin hasn’t been this positive since October 2022, when DOGE pumped 160%.”

Indeed, the chart demonstrates a total weighted sentiment for DOGE at close to 7 index points in late October 2022, followed by a sharp increase in price which topped at $0.147. By comparison, the current social sentiment has neared the October levels at 6.199 points.

Dogecoin social sentiment and price. Source: Ali Martinez/Santiment

According to a tweet by Santiment that cites Martinez, “this pattern of social volume and highly positive sentiment toward Dogecoin perfectly illustrates how euphoria creates price tops. Regardless of your opinion on DOGE, hype on this asset in particular historically foreshadows market conditions.”

Dogecoin price analysis

Meanwhile, DOGE was at press time changing hands at the price of $0.09, which represents a decline of 2.71% on the day but still an advance of 5.99% over the previous seven days and a 4.11% gain on its monthly price chart, as per data retrieved on February 17.

Dogecoin 7-day price chart. Source: Finbold

The most recent correction follows a price increase that took place as Tesla (NASDAQ: TSLA) CEO Elon Musk jokingly teased a photo of his dog as the new CEO of Twitter (NYSE: TWTR), two months after the community supported his resignation in a poll he posted.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Comments

No comments to show.
New Bookmakers
Playfina.com

The newest member of DAMA N.V. family offers more than 6000 games and accepts a wide range of cryptocurrencies, which are arguably the most widely used form of payment for gamblers right now.

Cryptoplay.io

In the year 2021, Cryptoplay Casino went live for the first time. To bitcoin enthusiasts, the online gaming site offers an amazing game library, exclusive bonuses, and promotions.

CryptoGames

Since its inception in 2014, this crypto casino has amassed a sizable following and an even stronger reputation. This all-crypto casino has 8 Provably Fair games, a faucet, and the ability to utilize one of ten cryptocurrencies.

PlayAmo

In general, if you're looking for information on the PlayAmo casino's features and idiosyncrasies, you'll find it here.

Oshi

Oshi Casino is a bitcoin casino with a simple instant-play interface that accepts euro deposits as well as other cryptocurrencies like Ethereum.