Dogecoin’s Low Social Activity Could Be a Buying Signal, Here’s Why

The Dogecoin (DOGE) marketplace has been connected a downtrend for a portion now. Despite surging by implicit 300% passim 2024, the OG meme coin struggled to support up this year. The plus started 2024 connected a alternatively challenging enactment arsenic it dipped by astir 5% since the opening of January. Along with its terms DOGE’s societal enactment besides plummeted. The chatter astir the meme coin seems to beryllium depleting but analysts uncover that this mightiness beryllium bullish.

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Dogecoin Endures Massive Dip

Source: Watcher Guru

During the clip of writing, Dogecoin was trading astatine $0.3344. This comes aft a staggering 5% dip implicit the past 24 hours. The latest driblet pushed DOGE further distant from its all-time precocious of $0.7376. The meme coin is presently 54% beneath this peak.

Source: CoinMarketCap

The trading measurement of the plus besides recorded a drop. Dogecoin’s 24-hour measurement was astatine $3.72 cardinal aft witnessing a 36% plunge.

According to salient steadfast Santiment, a driblet successful societal media posts and wide cognition toward Dogecoin whitethorn bespeak a infinitesimal for traders to purchase. Dogecoin had a “bearish” assemblage sentiment standing of 1 retired of 5 from the survey firm, which is acold little than XRP and Solana’s scores of 4 retired of 5.

Source: Santiment

Speaking astir the asset’s situation, Santiment said,

“Crypto’s apical meme coin has been highly quiescent extracurricular of a impermanent run-up astatine the opening of the twelvemonth (coinciding with Elon Musk’s little grip alteration to ‘Kekius Maximus’). Crowd sentiment has been adjacent its lowest constituent implicit the past year, meaning determination is really immoderate bully upside to beryllium a daring contrarian toward DOGE (in particular) if crypto markets statesman to inclination upward again.”

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Weekend Price Prediction

Source: CoinCodex

Recent information from CoinCodex reveals that Dogecoin volition witnesser a affirmative weekend. The meme coin is expected to commercialized astatine a precocious of $0.3405 connected Saturday, which is January 11, and connected Sunday, DOGE volition beryllium priced astatine $0.3377. While this whitethorn not beryllium a drastic surge for the coin, it is inactive pertinent to the wide maturation of Dogecoin.

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