On-chain intelligence platform Santiment suggests that the low levels of online chatter around the popular meme coin Dogecoin (DOGE) may present an opportunity for traders.
Current Analysis of Dogecoin
On January 9, Santiment gave Dogecoin an optimistic crowd sentiment score of 1 out of 5, contrasting with the higher positive sentiment rankings of 4 out of 5 for XRP and Solana. Meanwhile, Dogecoin's market capitalization has declined by 28% from its January highs, further compounding the lack of interest in the cryptocurrency.
Expert Opinions and Predictions on Dogecoin
Despite the bearish trend, Santiment believes that DOGE’s 'extremely quiet' phase may be the ideal opportunity for courageous investors to enter the market. Some crypto traders also believe that Dogecoin’s long-term outlook remains positive. Pseudonymous trader Wizz voiced confidence to their 768,700 X followers, suggesting that Dogecoin will surpass major cryptocurrencies in the next three to six months. Similarly, crypto expert KrissPax noted that DOGE’s recent price behavior resembles trends from a year ago, implying that a large price breakout could occur in 2025.
Market Sentiments and Their Impact on Dogecoin
Apart from social hype, Google searches for Dogecoin have dropped 74% since November 2024. Notably, this fall occurred simultaneously with the dismissal of a high-profile class-action lawsuit against Elon Musk and Tesla, which accused Musk of manipulating Dogecoin prices. Although social conversation and user interest have subsided, periods of low hype have historically proven beneficial for strategic accumulation.
Dogecoin’s recent drop in sentiment and social media hype appears to be a buying opportunity for crypto investors. If DOGE can capture the market-wide bullish trend, it might make an impressive comeback that will reward investors who remain patient during the dump.
