A decline in social media posts and overall sentiment around Dogecoin could signal a buying opportunity for traders, according to crypto analysis firm Santiment.
“Crowd sentiment has been near its lowest point over the past year,” Santiment said in a Jan. 9 report.
The analysis firm gave Dogecoin (DOGE) a “bearish” crowd sentiment rating of 1 out of 5, which is significantly lower than the 4 out of 5 ratings for XRP (XRP) and Solana (SOL).
Being bullish on DOGE during an ‘extremely quiet’ period could pay off
However, Santiment believes there is potential for “some nice upside” to be a “daring contrarian” toward Dogecoin if the crypto markets begin to trend upward again.
“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.”
At the time of publication, Dogecoin is trading at $0.34, down 15.33% over the past 30 days, according to CoinMarketCap.
Other memecoins within the top 100 cryptocurrencies have also seen declines over the same period. Shiba Inu (SHIB), the 16th largest cryptocurrency by market cap, is down 15.92%, while Pepe (PEPE) is down 22.17%.
Despite the current lack of hype on social media, some traders believe Dogecoin could be one of the top performers of 2025.
Traders hopeful of Dogecoin’s performance in 2025
Pseudonymous crypto trader Wizz told their 768,700 X followers in a Jan. 6 X post that Doge will outperform most major cryptocurrencies in the next three to six months.
Crypto trader KrissPax told his 63,700 X followers on Jan. 9 that Dogecoin’s price action is similar to one year ago.
“In November 2024, Doge traded up higher, then dropped and is now consolidating. Next is a major move up in 2025,” KrissPax said.
Related: Dogecoin jumps 21% as whales accumulate, Galaxy predicts $1 DOGE
Other analysts believe Dogecoin is expected to top between $3 and $5 in 2025, based on the Gaussian Channel indicator which allows traders to identify the upper and lower channels of price action based on the principle of asset distribution.
Meanwhile, Google searches for “Dogecoin” have dropped nearly 74% since the week after Donald Trump won the United States presidential election on Nov. 5.
That same week, a class-action lawsuit filed against Elon Musk and Tesla — alleging that the businessman manipulated the price of Dogecoin through media appearances and social media posts — was withdrawn by the plaintiffs on Nov. 14, 2024.
According to Google data, searches for “Dogecoin” on Jan. 4 over the past seven days scored 26, a 74-point drop from the score of 100 reached on Nov. 16.
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This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
