Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price
04 Junho 2024 - 7:00PM
NEWSBTC
Crypto analyst Ali Martinez recently revealed the bearish sentiment
surrounding Dogecoin (DOGE). Interestingly, he suggested this might
be a good opportunity to invest in the foremost meme coin as things
could soon turn bullish. The Bearish Sentiment Around
Dogecoin Martinez mentioned in an X (formerly Twitter) post that
the market sentiment for Dogecoin is as bearish as it was in early
February. Specifically, the crypto analyst was referring to
Dogecoin’s social volume and weighted sentiment, which were
currently signaling a negative sentiment towards the meme
coin. Related Reading: Can Bitcoin Rise 150% From Here?
Crypto Expert Peter Brandt Predicts The Top This social volume
metric refers to how much the crypto token is discussed across
social media platforms. Therefore, the decline in Dogecoin’s social
volume suggests that traders are currently paying more attention to
other meme coins. This is expected given how Dogecoin’s price has
lagged for a while now, with other meme coins like Dogwifhat (WIF)
and Pepe (PEPE) recording significant gains. However, Martinez
suggested that Dogecoin could enjoy a bullish reversal soon enough,
revealing that Dogecoin’s price skyrocketed by over 200% back in
February when it was plagued with such bearish sentiment. Dogecoin
whales seem to have taken the hint and used this opportunity to
accumulate more of the meme coin. Martinez revealed that
these investors have already purchased 700 million ($112 million).
The crypto analyst also mentioned that these whales have bought an
additional 200 million DOGE since May 30. This is undoubtedly in
anticipation of the significant price gains that Dogecoin could
make soon enough. Crypto analyst Altcoin Sherpa also recently
raised the possibility of Dogecoin rising to as high as $0.40 soon
enough. He claimed that this would happen as retail investors
accumulate the meme coin. He further alluded to Elon Musk’s
influence on the meme coin and stated that “all it takes is one
retarded Elon tweet to blow it (Dogecoin) up.” He added that
Dogecoin has “great liquidity/low downside” compared to other meme
coins. DOGE Season Around The Corner Crypto analyst Crypto
Kaleo recently predicted that Dogecoin’s season might be around the
corner. He alluded to the fact that Dogecoin rose significantly in
2021 after GameStop’s stock hit its peak in early 2021. He believes
that Dogecoin could again rally once GameStop hits its market
top. Related Reading: XRP Hasn’t Had A Bull Cycle Since 2017,
Analyst Reveals What Will Happen When It Does In another X post,
Kaleo revealed that he is confident that Dogecoin can outpace
Bitcoin in this cycle. He suggested that Dogecoin’s current price
action is normal, claiming that the meme coin “moves sideways for
extended periods, followed by rapid vertical growth.” The crypto
analyst also noted that the market is in a meme supercycle and
remarked that the “king of memes won’t be left behind.” At the time
of writing, Dogecoin is trading at around $0.15, down over 2% in
the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
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