- Dogecoin’s sentiment hits a yearly low, with Santiment assigning a bearish rating of 1/5, lower than XRP and Solana.
- Dogecoin’s market cap dropped 28% from its peak, with a 15.33% price decline this month, mirroring memecoins.
- Google searches for Dogecoin have dropped 74% since November 2024, indicating waning public interest.
Dogecoin, the world’s most iconic memecoin, sees a huge decline in sentiment, but some analysts believe this slump could be a buying opportunity for brave traders.
According to a report published on January 9 from crypto analytics firm Santiment, crowd sentiment around Dogecoin is at one of its lowest points in the past year. Santiment gave Dogecoin a “bearish” sentiment rating of just 1 out of 5, notably lower than XRP and Solana, which received more positive scores of 4 out of 5.
Despite this, the firm hinted at potential upside for those willing to go against the grain. “Crypto’s top memecoin has been extremely quiet outside of a brief rally earlier this year tied to Elon Musk’s temporary Twitter handle change to ‘Kekius Maximus.’ Since its peak a month ago, Dogecoin has lost 28% of its market cap,” Santiment reported.
Dogecoin isn’t the only one which has been going through bad times. The overall memecoin market has also been feeling pressured. Dogecoin’s price today is $ 0.33866, with a 24-hour trading volume of $ 8.48B. The market cap is $ 49.96B, and the market dominance is 1.49%. The DOGE price decreased -3.46% in the last 24 hours. Not to be outdone, fellow popular memecoins such as Shiba Inu and Pepe have posted decreases of 15.92% and 22.17%, respectively.
Despite recent setbacks, some traders and analysts remain bullish on Dogecoin’s long-term prospects. Pseudonymous crypto trader Wizz, who has 768,700 followers on X (formerly Twitter), predicted on January 6 that Dogecoin would outperform many major cryptocurrencies in the next three to six months.
Dogecoin 2025 rally potential amid declining interest
Another trader, KrissPax, highlighted parallels between DOGECOIN’s present price action and its fluctuations from a year ago. “In November 2024, Doge rallied, then dropped, and is consolidating. Next is a major move up in 2025,” KrissPax wrote to his 63,700 followers on January 9.
Analysts also believe Dogecoin could climb to between $3 and $5 in 2025, supported by the Gaussian Channel indicator, which identifies price channels based on asset distribution.
Google searches for “Dogecoin” have fallen 74% from their peak post-U.S. presidential election in November 2024. According to Google data, search interest in Dogecoin scored just 26 on January 4, a steep fall from 100 on November 16. In November 2024, plaintiffs dropped a class-action lawsuit accusing Elon Musk and Tesla of manipulating Dogecoin’s price, further complicating matters.
The contrarian investor will find opportunities when the price of Dogecoin has consolidated. This typically occurs when enthusiasm on social media is merely lukewarm. There’s increasing speculation about 2025, so Dogecoin’s next major move might well be seen through broader market dynamics and an ability to capture the public’s imagination once again.
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