Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price

Bearish Sentiment Surrounding Dogecoin, But Opportunity for Investment

Crypto analyst Ali Martinez has highlighted the current bearish sentiment surrounding Dogecoin (DOGE), which is similar to that observed in early February. This is evident in the meme coin's low social volume and negative weighted sentiment.

Potential Reasons for Bearish Sentiment

The decline in Dogecoin's social volume indicates that traders are paying more attention to other meme coins, such as Dogwifhat (WIF) and Pepe (PEPE), which have recently experienced significant gains.

Opportunity for Bullish Reversal

Martinez suggests that Dogecoin may soon experience a bullish reversal, similar to its 200% surge in February despite facing a similar bearish sentiment at the time. He notes that Dogecoin whales have accumulated 700 million DOGE ($112 million) since May 30, indicating their anticipation of future price gains.

Analyst Predictions

Crypto analyst Altcoin Sherpa believes Dogecoin could reach $0.40 soon, fueled by retail investor accumulation and the potential influence of Elon Musk.

Another crypto analyst, Crypto Kaleo, predicts that Dogecoin could surpass Bitcoin in this cycle due to its historical tendency to experience rapid growth after extended periods of sideways movement. He believes that Dogecoin's resilience in the current meme supercycle will not allow it to be left behind.

Current Price

At the time of writing, Dogecoin is trading at around $0.15, down over 2% in the last 24 hours (data from CoinMarketCap).