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

Crypto analyst Ali Martinez recently revealed the bearish sentiment surrounding Dogecoin (DOGE). Interestingly, he suggested this might be a good opportunity to invest in the foremost meme coin as things could soon turn bullish.

The Bearish Sentiment Around Dogecoin

Martinez mentioned in an X (formerly Twitter) post that the market sentiment for Dogecoin is as bearish as it was in early February. Specifically, the crypto analyst was referring to Dogecoin’s social volume and weighted sentiment, which were currently signaling a negative sentiment towards the meme coin.

This social volume metric refers to how much the crypto token is discussed across social media platforms. Therefore, the decline in Dogecoin’s social volume suggests that traders are currently paying more attention to other meme coins. This is expected given how Dogecoin’s price has lagged for a while now, with other meme coins like Dogwifhat (WIF) and Pepe (PEPE) recording significant gains.

However, Martinez suggested that Dogecoin could enjoy a bullish reversal soon enough, revealing that Dogecoin’s price skyrocketed by over 200% back in February when it was plagued with such bearish sentiment. Dogecoin whales seem to have taken the hint and used this opportunity to accumulate more of the meme coin.

Martinez revealed that these investors have already purchased 700 million ($112 million). The crypto analyst also mentioned that these whales have bought an additional 200 million DOGE since May 30. This is undoubtedly in anticipation of the significant price gains that Dogecoin could make soon enough.

Crypto analyst Altcoin Sherpa also recently raised the possibility of Dogecoin rising to as high as $0.40 soon enough. He claimed that this would happen as retail investors accumulate the meme coin. He further alluded to Elon Musk’s influence on the meme coin and stated that “all it takes is one retarded Elon tweet to blow it (Dogecoin) up.” He added that Dogecoin has “great liquidity/low downside” compared to other meme coins.

DOGE Season Around The Corner

Crypto analyst Crypto Kaleo recently predicted that Dogecoin’s season might be around the corner. He alluded to the fact that Dogecoin rose significantly in 2021 after GameStop’s stock hit its peak in early 2021. He believes that Dogecoin could again rally once GameStop hits its market top.

In another X post, Kaleo revealed that he is confident that Dogecoin can outpace Bitcoin in this cycle. He suggested that Dogecoin’s current price action is normal, claiming that the meme coin “moves sideways for extended periods, followed by rapid vertical growth.” The crypto analyst also noted that the market is in a meme supercycle and remarked that the “king of memes won’t be left behind.”

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

Featured image created with Dall.E, chart from Tradingview.com

Source