The drop in social media activity and overall sentiment surrounding Dogecoin (DOGE) could indicate a buying opportunity for traders, according to crypto analytics firm Santiment.
Low Sentiment as a Signal for Opportunity
In a report published on January 9, Santiment highlighted that the sentiment around Dogecoin is at one of its lowest levels in the past year. The firm assigned Dogecoin a "bearish" sentiment rating of 1 out of 5, significantly lower than the 4 out of 5 ratings given to XRP and Solana.
Despite the low sentiment, analysts suggest that this "extremely quiet" period could present substantial gains for those willing to invest in DOGE, especially if crypto markets recover.
Dogecoin and Other Memecoins See Declines
Over the past month, Dogecoin has lost 28% of its market capitalization, currently trading at $0.34. According to CoinMarketCap, this represents a 15.3% decline in the past 30 days.
Other memecoins have also seen declines:
Shiba Inu (SHIB): Down 15.9%
Pepe (PEPE): Down 22.2%
Nevertheless, some traders and investors remain optimistic about Dogecoin's potential for the future.
Traders Expect DOGE to Rise in 2025
Pseudonymous trader Wizz told his 768,700 followers on X (formerly Twitter) that Dogecoin could outperform most cryptocurrencies in the next 3–6 months.
Similarly, KrissPax, another crypto trader, compared Dogecoin's current price movement to its behavior a year ago. He claims that the ongoing price consolidation suggests an upcoming significant rally in 2025.
Other analysts predict that Dogecoin could reach $3 to $5 in 2025, based on the Gaussian Channel indicator, which helps traders identify potential upper and lower price boundaries.
Google Searches and Elon Musk’s Influence
Google searches for Dogecoin have dropped by almost 74% since November 2024, when Donald Trump won the U.S. presidential election.
This decline in interest coincides with the dismissal of a class-action lawsuit against Elon Musk and Tesla, which accused them of manipulating Dogecoin’s price through social media and public appearances.
According to Google Trends data, search interest in "dogecoin" scored 26 on January 4, a significant drop from a score of 100 recorded in November.
What's Next for Dogecoin?
While the current market situation seems bearish, some experts believe that this quiet period could serve as a buying opportunity before future growth. If the market recovers, Dogecoin could emerge as one of the biggest winners in 2025.
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