Price: $0.38350 -9.3085%
Market Cap: 56.29B 1.9268%
Volume (24h): 18.87B 0.4%
Dominance: 1.9268%
Price: $0.38350 -9.3085%
Market Cap: 56.29B 1.9268%
Volume (24h): 18.87B 0.4%
Dominance: 1.9268% 1.9268%
  • Price: $0.38350 -9.3085%
  • Market Cap: 56.29B 1.9268%
  • Volume (24h): 18.87B 0.4%
  • Dominance: 1.9268% 1.9268%
  • Price: $0.38350 -9.3085%
Home > Information news > Dogecoin Sentiment Reaches New Lows Since September 2023

Dogecoin Sentiment Reaches New Lows Since September 2023

Release: 2024/05/27 05:08 Reading: 717

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/66539e0070f76d1b698e0b79

Dogecoin Sentiment Reaches New Lows Since September 2023

Since September 2023, the weighted sentiment surrounding Dogecoin (DOGE) has plunged to -1.562 on market charts. Weighted sentiment gauges the average sentiment expressed in social media comments regarding a specific token. This decline has prompted an influx of positive remarks about DOGE, yet recent data indicates that for every favorable comment, 1.56 negative ones emerge.

Negative Market Conditions for DOGE

Typically, when negative sentiment dominates the market, demand for meme tokens tends to diminish. However, Dogecoin has defied this trend in the past. Within a brief three-month period, the altcoin surged to $0.097, a phenomenon dubbed the "hated rally" by its community. This occurs when extreme pessimism toward a cryptocurrency paradoxically triggers a price increase. Should history repeat itself, a similar pattern may unfold.

Furthermore, if current projections hold true, DOGE's price could potentially reach an annual high of $0.27 before the commencement of the next quarter. At the time of writing, the meme token's valuation stood at $0.16. Conversely, data from IntoTheBlock suggests that 84% of DOGE holders have realized gains at this price level. For the entire supply to become profitable, the token's price must ascend to $0.32, which represents the average acquisition cost for the 755,230 addresses accumulating DOGE.

BTC and DOGE Correlation

Recent on-chain data indicates that Bitcoin's price has reached a favorable accumulation point at its current position. By extension, it is plausible to infer that DOGE may be in a similar situation. Consequently, a significant increase in Bitcoin's value could have a positive impact on DOGE's price as well.

Additionally, an analysis of the meme token's social volume reveals a decline from 614 to 120 at the time of writing. From a price perspective, this drop could amplify the notion of diminished demand. Simultaneously, the recent uncertainty surrounding the token's short-term performance could also present a buying opportunity for investors.

The original article was first published on COINTURK NEWS.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.