Dogecoin’s price has been dropping, falling below $0.30 and potentially heading towards $0.20. This downturn is linked to a significant decrease in social media buzz around the coin.
Social Sentiment Plummets
A recent post from analytics platform Santiment showed that social media chatter about Dogecoin is practically nonexistent. People are talking about other cryptocurrencies, like Bitcoin (which is currently dominating the conversation) and Cardano (which is seeing a surge in interest). This lack of online excitement is a bad sign for Dogecoin’s price.
On-Chain Data Adds to the Bearish Outlook
It’s not just social media; the numbers also look gloomy. Data from IntoTheBlock shows a decline in “Hodlers Balance”—the number of investors holding Dogecoin for a year or more. This suggests long-term investors are losing faith, which could trigger a wave of selling and a major price drop.
Bullish Predictions Remain
Despite the negative trends, some analysts remain optimistic. KrissPax believes Dogecoin is still in an overall bull market, pointing to past price patterns. Trader Tardigrade also sees a potential price surge on the horizon, suggesting a breakout is imminent and could even push DOGE towards $1.
Current Price and Conclusion
Currently, Dogecoin is trading around $0.25, down about 5% in the last 24 hours. While the short-term outlook appears bearish due to low social sentiment and decreasing long-term holder confidence, some analysts maintain a bullish long-term perspective. Whether Dogecoin will recover or continue its downward trend remains to be seen.
