Blockchain analytics platform Santiment says that one top-ten altcoin that has surged by triple digits over the past week possesses more upside potential.
Santiment says that based on two indicators, search trends and social dominance, Dogecoin (DOGE) potentially has “room for more growth.”
Starting with search trends, Santiment says that the number of times that the term ‘Dogecoin’ is being entered in online search engines is nowhere near the May 2021 levels when the leading meme coin hit an all-time high of $0.732.
“Current level is nothing compared to May 2021 top.”
Turning to Dogecoin’s social dominance, Santiment says the indicator’s readings are comfortably below the levels when it hit its all-time high.
“In May 2021 social dominance for DOGE was a whopping 40%, right now it’s only 14%.”
Santiment, however, says that Dogecoin no longer holds the top position as a trending term and this could indicate a bearish reversal.
“DOGE and related words have been holding top 5 of our social trends for the last 4-5 days, which is also very often an indicator of incoming price decline.”
Santiment also says that an increase in Dogecoin’s social volume and its rising sentiment could indicate a bearish reversal.
“A classic picture of big social volume spike marking a potential top, plus sentiment is going higher and higher, meaning people are very positive in their DOGE-related statements.”
Between October 25 and November 1, Dogecoin surged from a low of $0.059 to hit a nine-month high of $0.158, a 168.8% rise. Dogecoin is trading at $0.130 at time of writing.
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