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

    After a short restoration, the cryptocurrency market is consolidating once more, together with one in all its most acknowledged canine meme tokens, Dogecoin (DOGE), however a bullish rally might nonetheless be in retailer as it’s witnessing the very best social sentiment up to now 4 months.

    Because it occurs, the final time Dogecoin had comparable social sentiment was in October 2022, which was adopted by DOGE hovering 160% in subsequent days, in line with the observations made by famend cryptocurrency skilled Ali Martinez on February 16.

    As he defined utilizing a chart created on the crypto monitoring platform Santiment:

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

    Certainly, the chart demonstrates a complete weighted sentiment for DOGE at near 7 index factors in late October 2022, adopted by a pointy improve in value which topped at $0.147. By comparability, the present social sentiment has neared the October ranges at 6.199 factors.

    Dogecoin social sentiment and value. Supply: Ali Martinez/Santiment

    Based on 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 value evaluation

    In the meantime, DOGE was at press time altering palms on the value of $0.09, which represents a decline of two.71% on the day however nonetheless an advance of 5.99% over the earlier seven days and a 4.11% achieve on its month-to-month value chart, as per knowledge retrieved on February 17.

    Dogecoin 7-day value chart. Supply: Brokers

    The newest correction follows a value improve that came about as Tesla (NASDAQ: TSLA) CEO Elon Musk jokingly teased a photograph of his canine as the brand new CEO of Twitter (NYSE: TWTR), two months after the neighborhood supported his resignation in a ballot he posted.

    Disclaimer: The content material on this website shouldn’t be thought-about funding recommendation. Investing is speculative. When investing, your capital is in danger.

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