Dogecoin (DOGE) like the rest of the crypto market has slowed down in the last day. This comes after a massive leg-up that saw the likes of Bitcoin and Ethereum break through four-month highs before correcting downwards. However, for Dogecoin, it looks like the party may not be over.
Dogecoin Social Sentiment Surges To October 2022 Levels
Dogecoin’s social sentiment has actually been on an uneven path over the last couple of months. The last time that the digital asset really saw a good surge was back in October of 2022. If you’re wondering why this month is significant, it is because this is the month that billionaire Elon Musk completed his takeover of the social media platform Twitter.
As expected, the price of the meme coin surged as the social sentiment saw this spike. This led to gains of over 100% for the digital assets even when other cryptocurrencies in the space were struggling to hold on to meager gains.
This time around, the Dogecoin social sentiment has surged to this level once more. Why this is important is that when the social sentiment is this high, it means that investors are looking positively toward the cryptocurrency. Thus, the eventual rise in prices follows these surges.
DOGE weighted sentiment spikes to Oct. 2022 levels | Source: Santiment
A similar rise has been recorded in the social volume of the digital asset which means more investors are talking about the coin. The last time that this trend was seen with both the social volume rising and the weighted sentiment going up was when DOGE’s price rose above $0.14 last year.
DOGE Can Rally Off Social Sentiment Alone
As is public knowledge, the price of Dogecoin is one that is largely driven by hype, especially when the general sentiment surrounding it is very positive. This is why the spike in positive sentiment paints a bullish picture for the meme coin.
If it follows the same trend as what was seen back in October 2022, then the price of DOGE could be clearing the $0.1 level in short succession. There is also the possibility for further upside as long as the positive sentiment remains high.
Couple this with the fact that the bull market is expected back in full swing and the Dogecoin price could be in for another tremendous rally. If the bull market does coincide with this rise in positive sentiment, then a 50% increase is not out of the picture.
At the time of writing, DOGE is changing hands at a price of $0.086. It is down 2.93% in the last 24 hours but up 5.45% in the last seven days.
DOGE continues to trend above $0.08 | Source: DOGEUSD on TradingView.com
