Dogecoin (DOGE) is in the spotlight amid a general market retracement fueled by a slip in the price of Bitcoin at the moment. Beyond the current outlook, top market analyst Ali Martinez has hinted at a likely surge if historical trends prove accurate.<\/p>\n
Dogecoin and the Unusual Rebound Effect<\/strong><\/h2>\nAccording to Martinez, drawing on data from crypto analytics provider Santiment, Dogecoin\u2019s sentiment is as bearish as it was in early February. Measured as Weighted Sentiment, the Dogecoin sentiment value is currently pegged at a negative 0.828. This figure compares to the more than 2.1 recorded in late March.<\/p>\n
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\nMarket sentiment for #Dogecoin<\/a> is as bearish as it was in early February, just before #DOGE<\/a> skyrocketed by 200%! pic.twitter.com\/dxbnb5jECQ<\/a><\/p>\n\u2014 Ali (@ali_charts) May 31, 2024<\/a><\/p>\n<\/blockquote>\n<\/p>\n
This sentiment dropped this low in consonance with the price of the premier memecoin. Current market data posits that DOGE is changing hands for $0.1578, down by 4.08% in the past 24 hours. This growth marks a major bearish complement to the 4.16% drop in the trailing 7-day period and a deviation from the 19% it has recorded in past month.<\/p>\n
As Martinez always bring to mind, he noted that despite the slump, Dogecoin might trail history to correct its growth path. He noted that in early February when the DOGE sentiment was as low as it is today, it gave the token a major boost to skyrocket by over 200% in the succeeding weeks.<\/p>\n
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If this were to repeat itself, it might see Dogecoin breach its monthly high to $0.2<\/a> or more. This projection will particularly be quite reassuring considering June is historically bearish for the coin. Per dat insights from Cryptorank, Dogecoin has consistently closed the month of June lower since 2017. Over the past decade, the coin has only managed to close positive twice in June \u2013 featuring the 29.3% surge in 2015 and the 31.6% in 2016 respectively.<\/p>\nWhat Will Dogecoin Price?<\/strong><\/h2>\nThe biggest driver of Dogecoin\u2019s growth are its community dubbed the Doge Army. Besides this, Dogecoin only feature in very few payment systems as the broader internet scene has grown from its original use case as a tipping coin for online content creation.<\/p>\n
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It is, however, worth noting that Elon Musk is a formidable member of the Doge Army and his promotions has largely helped fuel the growth of the coin. With expectations of DOGE inclusion in the proposed X Payments<\/a>, many projects that Dogecoin is on track for a wilder growth in the long term.<\/p>\nRead More: Coinbase Warns of Increasing Deepfake Scams in Crypto<\/a><\/strong><\/p>\n<\/p>\n
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\n\n\n\n\n<\/p>\n\nBenjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\n\n ![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/733ca3c15c1fbb2629eeb51edb886efb?s=200&d=mm&r=g\")
Market sentiment for #Dogecoin<\/a> is as bearish as it was in early February, just before #DOGE<\/a> skyrocketed by 200%! pic.twitter.com\/dxbnb5jECQ<\/a><\/p>\n \u2014 Ali (@ali_charts) May 31, 2024<\/a><\/p>\n<\/blockquote>\n <\/p>\n This sentiment dropped this low in consonance with the price of the premier memecoin. Current market data posits that DOGE is changing hands for $0.1578, down by 4.08% in the past 24 hours. This growth marks a major bearish complement to the 4.16% drop in the trailing 7-day period and a deviation from the 19% it has recorded in past month.<\/p>\n As Martinez always bring to mind, he noted that despite the slump, Dogecoin might trail history to correct its growth path. He noted that in early February when the DOGE sentiment was as low as it is today, it gave the token a major boost to skyrocket by over 200% in the succeeding weeks.<\/p>\n <\/p>\n If this were to repeat itself, it might see Dogecoin breach its monthly high to $0.2<\/a> or more. This projection will particularly be quite reassuring considering June is historically bearish for the coin. Per dat insights from Cryptorank, Dogecoin has consistently closed the month of June lower since 2017. Over the past decade, the coin has only managed to close positive twice in June \u2013 featuring the 29.3% surge in 2015 and the 31.6% in 2016 respectively.<\/p>\n The biggest driver of Dogecoin\u2019s growth are its community dubbed the Doge Army. Besides this, Dogecoin only feature in very few payment systems as the broader internet scene has grown from its original use case as a tipping coin for online content creation.<\/p>\n <\/p>\n It is, however, worth noting that Elon Musk is a formidable member of the Doge Army and his promotions has largely helped fuel the growth of the coin. With expectations of DOGE inclusion in the proposed X Payments<\/a>, many projects that Dogecoin is on track for a wilder growth in the long term.<\/p>\n Read More: Coinbase Warns of Increasing Deepfake Scams in Crypto<\/a><\/strong><\/p>\n <\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n <\/p>\n Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter<\/a>, Linkedin<\/a> <\/p><\/div>\n<\/p><\/div>\nWhat Will Dogecoin Price?<\/strong><\/h2>\n