Santiment suggests low DOGE social activity may present opportunity

On-chain intelligence platform Santiment says opportunistic traders may gain from the low levels of online chatter around leading meme coin Dogecoin (DOGE).

In a Jan. 9 report, Santiment gave Dogecoin an optimistic crowd sentiment score of 1 out of 5, contrasting the positive sentiment rankings of 4 out of 5 for XRP and Solana. Meanwhile, Dogecoin has dropped 28% in market capitalization from its January highs, compounding the lack of interest. 

Despite the bearish trend, Santiment believes that DOGE’s “extremely quiet” phase may be the ideal opportunity for courageous investors to enter the market. If the broader crypto market begins to rally, Dogecoin may see a resurgence as predicted by its previous social trends and speculative excitement.

Some crypto traders also believe that Dogecoin’s long-term outlook remains positive. Pseudonymous trader Wizz voiced confidence to their 768,700 X followers, suggesting that Dogecoin will surpass major cryptocurrencies in the next three to six months.

$DOGE will outperform most majors the coming 3/6 months

U heard it here

Elon marketing starts soon.

— WIZZ🥷 ( beware scammers ) (@CryptoWizardd) January 6, 2025

Similarly, crypto expert KrissPax noticed that DOGE’s recent price behavior resembles trends from a year ago, implying that a large price breakout could occur in 2025. This sentiment is echoed by other analysts, who predict that the leading meme coin will pump to $3-$5 by 2025.

Market hype and legal developments impact DOGE

Apart from social hype, Google searches for Dogecoin have dropped 74% since November 2024. Notably, this fall occurred simultaneously with the dismissal of a high-profile class-action lawsuit against Elon Musk and Tesla, which accused Musk of manipulating Dogecoin prices. Although social conversation and user interest have subsided, periods of low hype have historically proven beneficial for strategic accumulation.

Dogecoin’s recent drop in sentiment and social media hype appears to be a buying opportunity for crypto investors. If DOGE can capture the market-wide bullish trend, it might make an impressive comeback that will reward investors who remain patient during the dump. 

Santiment says sentiment for BTC is neutral as ETH tries to stay above $3k

Santiment also said that social media sentiment towards Bitcoin is currently neutral as analyzed by the ratio of positive and negative comments. The audience became negative following the Fed-induced retracement on Dec. 20. 

Meanwhile, Ethereum recently captured the spotlight after its price briefly regained the support level of $4,000, according to Santiment. Ethereum is now looking to maintain its market value of over $3,000 per unit, the report added. If this mark is breached, volatility will increase, and buying opportunities will appear with a higher risk tolerance, Santiment added.