Santiment suggested that the drop could be a prime opportunity for contrarian investors to capitalize on Dogecoin’s potential resurgence.
A recent dip in social media chatter and crowd sentiment around Dogecoin DOGE $0.17 24h volatility: 2.2% Market cap: $26.09 B Vol. 24h: $719.89 M might present an unexpected buying opportunity for daring investors, according to cryptocurrency analysis firm Santiment. In a Thursday report, Santiment rated Dogecoin’s sentiment a bearish 1 out of 5 and hinted at the potential for significant upside if the broader crypto market rebounds.
Dogecoin’s price peaked at $0.46 on December 9, fueled by Elon Musk’s temporary name change on X (formerly Twitter) to “Kekius Maximus”. However, the cryptocurrency has since shed 18% of its market capitalization, dropping to $48.98 billion. It is trading around $0.332 at the time of writing, losing around 19% of its value over the past month.
As per the Santiment report, crowd sentiment for DOGE has touched one of its lowest levels in the past year. Google Trends data also reflects this waning interest, with searches for “Dogecoin” now registering at 22, a sharp decline from the peak level of 100 seen in mid-November.
Meanwhile, the ongoing crypto market bull run has fueled the rise of various animal-themed meme coins, prompting some investors to speculate that the popularity of dog-themed tokens might be waning. Once dominant in the meme coin space, Dogecoin and Shiba Inu are now sharing the spotlight with newer entrants like PEPE PEPE $0.000011 24h volatility: 0.7% Market cap: $4.65 B Vol. 24h: $620.94 M , which are steadily gaining traction.
However, many meme coins within the top 100 cryptocurrencies have experienced a downturn recently. The overall meme coin market has shed more than 5% of its value in the past 24 hours. According to data from CoinMarketCap, the cumulative market capitalization of leading meme coins currently stands at $96.89 billion.
Despite recent setbacks, Dogecoin has delivered an impressive 500% growth over the past year. During this time, its market cap soared by 450%, making it a potential candidate for long-term investment.
Dogecoin (DOGE) Price Optimism
Santiment suggested that the drop could be a prime opportunity for contrarian investors to capitalize on Dogecoin’s potential resurgence. Meanwhile, several analysts see the potential for a strong performance in 2025 for DOGE. Pseudonymous trader Wizz recently posted on X, predicting DOGE will outperform most major cryptocurrencies in the coming months.
Another analyst, Alan, noted similarities between Dogecoin’s current price behavior and its 2017 pattern. Back then, DOGE consolidated near its all-time high before a significant price spike. If history repeats itself, the analyst expects Dogecoin’s current consolidation phase to last a few months before a new bull run emerges.
Technical indicators and price history have led experts to predict that the largest memecoin can reach between $3 and $5 by the year-end.
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