The post Dogecoin’s Dormant Hype Could Spark Big Returns: Analyst appeared on BitcoinEthereumNews.com.

Dogecoin, the original meme coin, has recently experienced a sharp decline in social media chatter and sentiment. That could be good news for DOGE, is a Dogecoin bull run around the corner? According to crypto analytics firm Santiment, the drop in Dogecoin chatter might paradoxically indicate a potential buying opportunity for investors willing to take calculated risks. Sentiment Hits Yearly Lows Santiment’s analysis reveals that Dogecoin’s crowd sentiment has plunged to its lowest level in over a year. The firm rates DOGE’s sentiment at just 1 out of 5, starkly contrasting with more optimistic ratings for other cryptocurrencies like XRP and Solana, both scoring 4 out of 5. Dogecoin’s social dominance chart showing declining sentiment. Source: Santiment The downturn in sentiment coincides with a 28% drop in Dogecoin’s market capitalization since its peak a month ago. During this period, public interest and social media activity around the meme coin have significantly waned. According to Google Trends data, Google searches for “Dogecoin” have also declined by 74% since mid-November 2024. What Triggered the Decline? Dogecoin’s brief surge in popularity earlier this year was partially fueled by Elon Musk’s temporary name change on X to “Kekius Maximus,” referencing a frog-themed meme. This caused a short-lived spike in DOGE’s price before it fell back, erasing nearly a third of its value. Other meme coins such as Shiba Inu and Pepe have equally suffered, losing double digits in the last month. Analysts indicate the nature of meme coins is very susceptible to the dynamics of social media, thus making the prices very unforeseeable. On the contrary, the current slump in sentiment might be a catalyst for a recovery. The Contrarian Perspective Santiment’s analysts argue that Dogecoin’s subdued sentiment could present an opportunity for contrarian investors. Historically, periods of low crowd sentiment have often aligned…

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Filed under: News - @ January 11, 2025 9:27 am