Dogecoin (DOGE) like the rest of the crypto market has slowed down in recent days. 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 will never end.
Dogecoin Social Sentiment rises to October 2022 levels
Dogecoin’s social sentiment has been on a bumpy road for the past few months. The last time the digital asset actually had a good surge was in October 2022. If you’re wondering why this month is important, it’s because it’s the month billionaire Elon Musk completed his takeover of the social media platform Twitter. .
As expected, the price of meme coins increased as social sentiment saw this surge. This resulted in over 100% gains for the digital asset even as other cryptocurrencies in the space struggled to make modest gains.
This time, Dogecoin’s social sentiment has risen again at this level. Why this is important is that when social sentiment is this high, it means that investors look positively towards cryptocurrency. Thus, the price increase eventually followed the surge.
DOGE weighted sentiment spikes to Oct. 2022 levels | Source: Santiment
A similar increase has been recorded in the social volume of the digital asset which means that more investors are talking about the coin. The last time this trend was seen with increasing social volume and upward weighting sentiment was when the price of DOGE rose above $0.14 last year.
DOGE Can End Social Sentiments Alone
As is common knowledge, the price of Dogecoin is one that is mostly driven by hype, especially when the general sentiment around it is very positive. This is why the surge in positive sentiment paints a bullish picture for the meme coin.
If it follows the same trend seen in October 2022, the price of DOGE could break the $0.1 level quickly. There is also the possibility of another rise as long as positive sentiment remains high.
Couple this with the fact that the bull market is expected to be back in full swing and the price of Dogecoin could be in for another great rally. If the bull market coincides with this increase in positive sentiment, then a 50% increase is not out of the picture.
At the time of writing, DOGE is changing hands at $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