What to know:
- Dogecoin has experienced a significant drop in market cap, slipping 28% since the beginning of the year.
- Low crowd sentiment suggests a potential buying opportunity for contrarian traders.
- Despite this, there are signs of renewed interest from large investors, with increased whale activity and a historical tendency for strong January performance.
Bitcoin’s vulnerability appears to have shifted towards other significant cryptocurrencies, such as Solana’s SOL and Dogecoin (DOGE). The data indicates that the current market conditions might offer appealing opportunities for aggressive investors.
In simpler terms, according to the analysis by Santiment, published on Thursday, the popular meme cryptocurrency Dogecoin has been surprisingly calm, except for a brief surge at the start of the year. This assessment is based on their evaluation of social activity and general sentiment derived from online discussions.
Over the past month, Dogecoin has lost approximately 28% of its market value. At present, the public sentiment towards it is close to its lowest point in the last year. This could indicate a good opportunity for those willing to take a contrarian stance on DOGE, especially if the cryptocurrency markets start to recover. The firm emphasized this point, as current sentiment levels for Dogecoin are only 1 out of 5.
The sentiment check aligns with a CoinDesk analysis from earlier in the week.
There’s growing attention from significant investors, often referred to as “whales,” towards Dogecoin (DOGE), as transactions exceeding $100,000 are on the rise, suggesting possible price surges in the near future. On Tuesday, DOGE futures markets hit a new high for open interest, although this has since diminished due to a general market downturn.
Historically, January tends to be Dogecoin’s strongest month, typically yielding an average return of 85%. Technical analysis points towards a positive trend for DOGE, as indicated by the 50-day Simple Moving Average (SMA). This trend could potentially push the price up to around 50 cents, representing a roughly 30% increase from its current level of 33 cents.
The overall feelings towards other majors are still divided. Bitcoin has recovered from its dip and is currently hovering around the lower to mid $90,000 region, showing a neutral stance. Ether’s sentiment leans bearish despite maintaining prices above $3,000. XRP is on an upward trend after a 18% increase in the last week, giving off a bullish vibe. Binance Coin ($BNB) shows no clear bias following its drop below $700. Solana maintains a semi-bullish outlook despite underperforming, as its dedicated community continues to buy dips.
During the Asian afternoon on Friday, Cardano‘s ADA played a significant role in the broader market recovery, gaining approximately 5.5% over the past day. Notably, the CoinDesk 20 index (CD20) increased by 1.04%, and among its components, Solana’s SOL, BNB Chain’s BNB, and ether (ETH) experienced gains of up to 1%.
On Binance, the popularity soared for AI Agent tokens such as Bixby and Cookie DAO‘s COOKIE. Additionally, ChainGPT experienced a rise of up to 50%. Meanwhile, ai16z saw an increase of 11%, while the average growth in the agents category was 8%. This sector led the expansion across all other cryptocurrency sectors.
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2025-01-10 13:56