Dogecoin Sentiment Turns Sour as Traders Grow Impatient
The Dogecoin weighted sentiment metric has collapsed in the past few weeks as its sluggish price action triggers impatience among investors.
Donald Trump’s election victory in November 2024 sparked a wave of excitement that sent the broad crypto market soaring as the president-elect had shown extreme support for the industry during his campaign.
However, as the rally now stalls for some assets, investor sentiment may now be changing. This appears particularly true for meme coin market leader Dogecoin (DOGE).
Dogecoin (DOGE) Investors Grow Impatient
Following Trump’s election victory and the announcement of plans to launch a department of government efficiency playfully nicknamed D.O.G.E. by Tesla CEO Elon Musk, Dogecoin (DOGE) soared about 220% from $0.15139 to highs of $0.48434.
But as the rally has stalled over the past few weeks, with DOGE shedding some of its gains to trade at the $0.38429 price point at the time of writing, traders may now be losing patience and faith that the asset’s price still has more room for growth in the short term.
According to Santiment Feed data shared by prominent crypto analyst Ali Martinez on Tuesday, December 17, weighted DOGE sentiment has turned negative, dropping from highs of nearly five on Santiment’s scale in mid-November to a negative 0.6.
Along with this decline in sentiment has also come a massive dip in mentions on social media from over 3,200 to below 300.
Still, negative sentiment may not be a reason for investors to panic, as it can often be a contrarian indicator when it is overwhelming. Indeed, analysts continue to sound bullish on the asset despite the recent correction.
More Room for Growth Still?
Most recently, market analyst Javon Marks has asserted that DOGE has nearly perfectly replicated its historical performance, indicating higher prices.
“History says Dogecoin is about to record a near +75% gain and more, to and above its current ATH’s ($0.73905) before much, much higher,” the analyst wrote.
Specifically, the analyst set a conservative final target of $3 and over $15 in the best-case scenario.
On a more ambitious note, crypto analyst “Cantonese Cat” has set a target of $24, citing historical price action.
