Get the scoop on finance - sign up for mobile alerts
Altcoins
| On
November 3, 2022

Altcoin That’s Exploded 170% in Seven Days Has Room for More Growth, Says Crypto Analytics Firm Santiment

By Daily Hodl Staff

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.”

ADVERTISEMENT

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.”

Source: Santiment

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%.”

ADVERTISEMENT
Source: Santiment

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.”

Source: santimentfeed/Twitter

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.

ADVERTISEMENT
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE-2