Crypto analytics firm Santiment says meme asset Dogecoin (DOGE) is set up for an explosive move higher as the digital asset market begins to recover.
According to Santiment, this is the best memecoin in terms of market capitalization finished for a breakout after falling more than 30% from the recent high of $0.46 in early December.
Santiment says there is high potential for a DOGE wave, based on a sharp decline in market sentiment for the digital asset, as measured by social media mentions.
Says Santiment,
“Markets have historically moved in the opposite direction of public expectations.”
DOGE received the lowest market sentiment score of one out of five from Santiment, with one being the most bearish, based on the memecoin’s “normal” market sentiment over the past three months.
“Crypto’s top memecoin has been extremely quiet, aside from a temporary run-up at the beginning of the year (coinciding with Elon Musk’s brief change of handle to ‘Kekius Maximus’).
Since its peak exactly a month ago, Dogecoin has lost -28% of its market capitalization. Public sentiment has been near its lowest point over the past year, meaning there is actually a nice upside to having a bold contrarian stance on DOGE (particularly) if the crypto markets go back up.”
DOGE is trading at $0.32 at the time of writing, down 2% in the last 24 hours.
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Generated image: Midjourney