Dogecoin was one of the leading crypto assets driving social media engagement, noted Santiment. In a post on X, the analytics platform observed that Dogecoin, alongside Bitcoin BTC, Ethereum ETH, and ZCash ZEC, saw the highest rise in social media engagement. Dogecoin was trending because it was being mentioned on Reddit for sweepstakes events offering DOGE prizes, as well as skepticism regarding the meme’s status, and on X (formerly Twitter) for market activity and price movements. The increased social media engagement was accompanied by a rise in Mean Coin Age over the past two months.
Santiment data showed that DOGE was being accumulated among holder addresses, though the price action remained firmly bearish. This further strengthened the idea that sell pressure was fading. The 1-day chart showed that DOGE formed a range between $0.122 and $0.133. The longer-term trend was strongly bearish, but the price action of the past ten days was encouraging with this range formation.
A move back above the local high at $0.135 would signal a bullish structure shift. Investors should be wary even if Dogecoin climbs back above $0.135. The Net Unrealized Profit/Loss metric showed a capitulation phase underway for the memecoin. If the 2021-2022 downtrend were to repeat, the NUPL has much deeper depths to explore.
Leave a Reply