|
Getting your Trinity Audio player ready...
|
A recent report from crypto analysis firm Santiment has raised an intriguing possibility for Dogecoin (DOGE) traders. According to the firm’s analysis, the current drop in social media activity and overall sentiment surrounding Dogecoin could present a buying opportunity. Santiment reports that crowd sentiment for DOGE has hit a yearly low, scoring a bearish 1 out of 5.
This sentiment drop places Dogecoin far behind other major cryptocurrencies like XRP (4/5) and Solana (4/5), reflecting a lack of enthusiasm in the market. Despite this, Santiment suggests that for daring traders, this quiet period could pave the way for significant gains if the crypto market trends upwards in the near future.
As of January 9, Dogecoin is priced at $0.34, a 15.3% decrease over the past 30 days, according to CoinMarketCap. This dip mirrors the trend seen across other memecoins, with Shiba Inu (SHIB) and Pepe (PEPE) also experiencing losses in the same period. Despite these declines, some traders remain hopeful for a strong recovery in 2025.
Pseudonymous trader Wizz, with over 768,000 followers on X, shared a bullish outlook, claiming that Dogecoin will outperform most major cryptocurrencies in the next three to six months. Additionally, trader KrissPax, with 63,700 followers, pointed to similarities in Dogecoin’s current price action to last year, predicting a major upward movement in 2025.
$DOGE will outperform most majors the coming 3/6 months
— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) January 6, 2025
U heard it here
Elon marketing starts soon.
Some analysts are even forecasting that Dogecoin could soar to between $3 and $5 by 2025, using technical indicators like the Gaussian Channel, which analyzes price action channels.
Also Read: Dogecoin (DOGE) and Shiba Inu (SHIB) Struggle with Bearish Trends — Is It Time to Buy?
Despite the waning social media hype—Google searches for “Dogecoin” have dropped 74% since November—optimistic traders see this as a prime time to capitalize on Dogecoin’s potential. If the crypto market gains momentum in 2025, Dogecoin might just be one of the top performers.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
