Low Dogecoin Social Sentiment Could Signal Buying Opportunity, Analysts Say

Cryptocurrency analysis firm Santiment suggests that the current low social media engagement around Dogecoin (DOGE) might present an attractive entry point for traders, particularly if the broader crypto market begins an upward trend.

Current Market Sentiment

According to Santiment's January 9 report, Dogecoin's crowd sentiment has hit its lowest point in the past year, earning a "bearish" rating of 1 out of 5. This stands in stark contrast to other major cryptocurrencies, with XRP and Solana receiving significantly higher ratings of 4 out of 5.

Price Performance and Market Position

Dogecoin currently trades at $0.34, marking a 15.33% decline over the past 30 days. This downturn is not unique to DOGE, as other prominent memecoins have experienced similar declines:

• Shiba Inu (SHIB) down 15.92%

• Pepe (PEPE) down 22.17%

The leading memecoin has seen its market cap decrease by 28% since its peak one month ago, coinciding with a brief price surge triggered by Elon Musk's temporary X handle change to "Kekius Maximus."

Analyst Predictions for 2025

Despite current market conditions, several traders maintain optimistic outlooks for Dogecoin's future:

• Trader Wizz, with 768,700 X followers, predicts DOGE will outperform major cryptocurrencies in the next three to six months

• KrissPax, followed by 63,700 users on X, notes similarities between current price action and patterns from the previous year

• Technical analysts project potential price targets between $3 and $5 in 2025, based on the Gaussian Channel indicator

Social Interest Metrics

Google search data reveals a significant decline in Dogecoin interest:

• Searches have dropped 74% since Donald Trump's presidential election victory in November

• Current search intensity scores 26, down from 100 in mid-November

• This decline coincided with the withdrawal of a class-action lawsuit against Elon Musk and Tesla regarding alleged Dogecoin price manipulation

Market Opportunity

Santiment suggests that being a "daring contrarian" during this period of low social engagement could prove profitable, particularly if cryptocurrency markets resume their upward trajectory. The current "extremely quiet" period, combined with decreased social media chatter, might present a strategic entry point for investors looking to position themselves ahead of potential market movements.