Dogecoin Sentiment Turns Bearish Again – Here’s What Happened The Last Time | Bitcoinist.com



Dogecoin
was
one
of
the
best-performing
assets
in
the
crypto
market
in
the
past
month,
outshining
blue-chip
cryptocurrencies
like
Bitcoin.
According
to
data
from
CoinGecko,
the
meme
coin’s
price
rose
by
more
than
26%,
while
BTC
increased
in
value
by
approximately
19%
in
May.


However,
the
latest
on-chain
data
shows
that
investors
have
still
not
become
bullish
about
DOGE
despite
its
positive
price
performance.
The
question
here
is

how
will
the

How To Get Free Crypto  

unwavering
bearish
sentiment
impact
the
price
of
Dogecoin? 


How
Will
The
Bearish
Sentiment
Benefit
Dogecoin
Price?


In
a
recent
post
on
the
X
platform,
prominent
crypto
pundit
Ali
Martinez

revealed
that
market
sentiment
for
Dogecoin
is
currently
bearish.
This
on-chain
revelation
is
based
on
the
weighted
sentiment
metric,
which
tracks
the
overall
positive
and
negative
sentiment
towards
a
cryptocurrency.


The

weighted
sentiment
indicator
is
built
on
two
sub-metrics;
namely
sentiment
balance
and
social
volume.
Sentiment
balance,
as
the
name
suggests,
is
an
indicator
that
measures
the
difference
between
positive
and
negative
sentiment
amongst
investors
at
each
given
time. 

Social
volume,
on
the
other
hand,
tracks
the
unique
number
of
posts/messages
or
the
total
amount
of
discussion
around
a
particular
asset
on
social
media
platforms.
Essentially,
the
weighted
sentiment
metric
is
a
product
of
both
the
sentiment
balance
and
social.

Source: Ali_charts/X


According
to
Martinez,
the
last
time
the
market
sentiment
around
Dogecoin
was
this
bearish
was
in
early
February,
preceding
a
200%
price
surge.
The
value
of
the
meme
token
climbed
from
below
$0.1
to
above
$0.2
in
a
little
over
a
month.

Coinbase Banner  


Historically,

investors’
fear
has
been
a
precursor
to
major
price
spikes,
as
the
market
tends
to
move
in
the
crowd’s
opposite
direction.
Hence,
if
history
were
to
repeat
itself,
investors
could
see
the
price
of
Dogecoin
grow
exponentially
and
possibly
cross
the
$0.3
mark. 


Whales
Acquire
700
Million
DOGE
In
Three
Days


Another
on-chain
revelation
that
paints
a
bullish
picture
for
the
Dogecoin
price
is
the
recent
accumulation
by
whales.
As

shared
by
Martinez
in
another
post
on
X,
DOGE
whales
have
purchased
700
million
tokens
(equivalent
to
around
$112
million)
in
the
past
three
days.


Naturally,
substantial
acquisitions
by
large
holders
can
be
a
bullish
signal
for
a
token’s
price.
Moreover,
the
actions
of
the
Dogecoin
whales
can
be
worth
watching,
especially
considering
the
magnitude
of
their
holdings
and
their
influence
on
market
dynamics.

FreeBitcoin Banner  


It
is
worth
noting,
though,
that
the
recent
buying
spree
hasn’t
had
any
significant
effect
on
the
value
of
DOGE.
As
of
this
writing,
the

Dogecoin
price
stands
around
$0.159,
reflecting
a
0.5%
decline
in
the
past
day.

DOGE price on a descent on the daily timeframe | Source: DOGEUSDT chart on TradingView


Featured
image
from
iStock,
chart
from
TradingView

Go to Source
Author: Opeyemi Sule


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