Crypto analytics firm Santiment claims meme asset Dogecoin (DOGE) is poised for an explosive rise if the digital asset market begins to rebound.
According to Santiment, the best memecoin by market cap is ready for a breakout after falling more than 30% from its recent high of $0.46 in early December.
Santiment says there is great potential for DOGE to rise based on a sharp decline in market sentiment for the digital asset, as measured by social media mentions.
Said Santiment,
“Historically, markets move in the opposite direction to public expectations. »
DOGE received the lowest market sentiment score by Santiment, one out of five, with one being the most bearish, based on “normal” memecoin market sentiment over the past three months.
“Crypto’s top memecoin has been extremely quiet outside of a temporary surge period earlier this year (coinciding with Elon Musk’s brief handle change to “Kekius Maximus”).
Since its peak exactly a month ago, Dogecoin has lost -28% of its market capitalization. Crowd sentiment has been near its lowest point over the last year, meaning there’s actually a nice upside to being a bold contrarian towards DOGE (in particular) if Crypto markets are starting to trend upward again.
DOGE is trading at $0.32 at the time of writing, down 2% in the last 24 hours.
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