According to cryptocurrency analytics firm Santiment, a decline in social media posts and overall sentiment for Dogecoin could signal a buying opportunity for traders.
“Public sentiment has been near its lowest point over the past year,” Santiment said in a Jan. 9 report.
The analytics firm gave Dogecoin (DOGE) a “Bearish” crowd sentiment rating of 1 out of 5. This is significantly lower than the 4 out of 5 scores of XRP (XRP) and Solana (SOL).
Dogecoin’s social dominance chart. source: st tly
Being bullish on DOGE during the “very quiet” period could pay off.
However, Santiment said there is potential for a “good upside” for Dogecoin and a “bold contrarian” if the cryptocurrency market starts trending upward again.
“Crypto’s top memecoin has been very quiet outside of a temporary staging period at the beginning of the year (coinciding with Elon Musk’s brief handle change to ‘Kekius Maximus’). Since its peak exactly one month ago, Dogecoin has lost 28% of its market capitalization.”
At the time of publication, Dogecoin is trading at $0.34, down 15.3% over the past 30 days, according to CoinMarketCap.
Other memecoins within the top 100 cryptocurrencies also saw declines over the same period. Shiba Inu (SHIB), the 16th largest cryptocurrency by market capitalization, fell 15.9%, and Pepe (PEPE) fell 22.2%.
Dogecoin is trading at $0.3406 at the time of publishing. source: CoinMarketCap
Despite the current lack of social media hype, some traders say Dogecoin could be one of the best performers of 2025.
Traders looking forward to Dogecoin performance in 2025
In an X post on January 6, pseudonymous cryptocurrency trader Wizz told his 768,700 X followers that Doge would outperform most major cryptocurrencies in the next three to six months.
Crypto trader KrissPax told his 63,700 X followers on January 9 that Dogecoin’s price action is similar to what it was a year ago.
“In November 2024 Doge was trading higher, then fell and is currently consolidating. The next big change will come in 2025,” said KrissPax.
relevant: Dogecoin rises 21% as whales pile up, Galaxy predicts $1 DOGE.
Other analysts say they expect Dogecoin to rise between $3 and $5 in 2025, based on the Gaussian Channel indicator, which allows traders to identify upper and lower channels of price action based on asset distribution principles.
Meanwhile, since November 5, when Donald Trump won the US presidential election, searches for ‘Dogecoin’ on Google have decreased by almost 74%.
The 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 plaintiff.
According to Google data, there were 26 searches for ‘Dogecoin’ in the past seven days on January 4, down 74 points from 100 on November 16.
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This article is written for general information purposes and should not be considered legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.