Dogecoin (DOGE) has seen a significant decline in investor sentiment in recent weeks. The stagnation in price action has created impatience among investors, while social media and market data suggest that interest in Dogecoin has significantly decreased. However, experts emphasize that Dogecoin’s long-term growth potential is still high.$DOGE
Donald Trump’s victory in the US presidential election in November 2024 has caused a general rally in the crypto market. Trump’s supportive policies towards the crypto sector and Tesla CEO Elon Musk’s jokes about DOGE have pushed Dogecoin’s price up by 220% to $0.48434. However, this upward momentum has lost momentum and Dogecoin is currently trading at $0.38429. This decline has created uncertainty and impatience among investors.
According to Santiment data shared by Ali Martinez on December 17, Dogecoin’s market sentiment has turned negative. While the sentiment was at 5 levels in mid-November, it has now dropped to -0.6. At the same time, social media posts about Dogecoin have also decreased significantly, falling from 3,200 to less than 300.
Market analyst Javon Marks has examined Dogecoin’s past price action and suggested that despite the current correction, higher price levels are still possible. Marks states that Dogecoin has the potential to repeat its past performance and could surge by 75% or more from its current price level.
While Marks predicts more conservative targets for Dogecoin between $3 and $15, more ambitious analyses point to a target of $24. Crypto analyst "Cantonese Cat" argues that based on historical data, DOGE can reach these levels in the long term.
