Crypto analytics firm Santiment says that meme asset Dogecoin (DOGE) is set up for an explosive move to the upside if the digital assets market starts to rebound.
According to Santiment, the top memecoin by market cap is ready for a breakout after plummeting more than 30% from its recent high of $0.46 in early December.
[adinserter block="1"]Santiment says that there is a big potential for a DOGE surge based on a steep decline in market sentiment for the digital asset as measured by social media mentions.
Says Santiment,
“Markets historically move the opposite direction of the crowd’s expectations.”
DOGE received the lowest market sentiment score by Santiment at one out of five, one being the most bearish, based on the memecoin’s “normal” market sentiment over the past three months.
“Crypto’s top memecoin has been extremely quiet outside of a temporary run-up at the beginning of the year (coinciding with Elon Musk’s brief handle change to ‘Kekius Maximus’).
Since its top exactly one month ago, Dogecoin has shed -28% of its market cap. Crowd sentiment has been near its lowest point over the past year, meaning there is actually some nice upside to be a daring contrarian toward DOGE (in particular) if crypto markets begin to trend upward again.”
DOGE is trading for $0.32 at time of writing, down 2% in the last 24 hours.
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