The current lull in social media conversations around Dogecoin could indicate a buying window for traders, as per crypto analysis company Santiment. The platform reported a “bearish” crowd sentiment rating of 1 out of 5 for Dogecoin, a marked drop from the 4 out of 5 ratings for XRP and Solana. Despite an “extremely quiet” period outside of an early-year surge, Santiment predicts potential upside for Dogecoin as it could be due for the markets to trend upward again.
Dogecoin has lost 28% of its market cap since its peak exactly a month ago and is now trading at $0.34, reflecting a 15.3% fall over the last 30 days. Over the same period, other top 100 memecoins have also seen significant decreases in value; Shiba Inu has dropped 15.9%, while Pepe is down 22.2%.
Despite the current slump and reduced social media hype, some traders are optimistic about Dogecoin’s future performance. Cryptocurrency traders ‘Wizz’ and ‘KrissPax’ each predict a comeback for Dogecoin which should see it leap ahead of other major cryptocurrencies in the coming three to six months.
Analysts have predicted a Dogecoin value of between $3 and $5 by 2025, based on the Gaussian Channel indicator methodology. Meanwhile, Google searches for “Dogecoin” have dropped nearly 74% since the week following the 2020 United States presidential election. This time period coincided with the withdrawal of a class-action lawsuit against Elon Musk and Tesla, which alleged price manipulation of Dogecoin through Musk’s media and social media activities.