Dogecoin, the OG meme coin, has seen its social media buzz and market value plummet recently. This might sound bad, but some experts think it’s actually good news.
Dogecoin’s Sentiment Takes a Nosedive
After a brief price spike in November 2024 (and another tiny jump when Elon Musk briefly changed his X profile name to something meme-related), Dogecoin’s price has tanked by about 26%. Social media chatter about DOGE has also dried up significantly. One analyst even gave Dogecoin’s overall sentiment a dismal 1 out of 5, a stark contrast to other cryptos like XRP and Solana which scored much higher.
This isn’t entirely surprising for a meme coin; their popularity is heavily tied to online trends. Remember earlier in 2024 when DOGE’s popularity soared after Musk’s D.O.G.E. proposal and the US election results? That led to a price surge above $0.40. Now, the lack of buzz suggests further price drops are possible.
Could This Be a Good Thing?
But here’s the twist: Santiment, a crypto analytics firm, thinks this low sentiment could actually be a buying opportunity. They argue that when a coin’s popularity is low, it’s often undervalued. This means that if the overall crypto market starts to climb again, Dogecoin could see a significant price rebound. In short, it could be a “buy low, sell high” scenario for those willing to take the risk. The analysts believe that a broader market upswing could propel DOGE’s price upwards, reversing the current bearish trend.
