Dogecoin, recognized as one of the leading cryptocurrencies and the original meme coin, has seen a significant downturn in social sentiment and market capitalization in recent weeks. A recent report from crypto analytics firm Santiment highlights a waning public interest in DOGE, attributed to a substantial 26% decline in its value since reaching a peak price just one month ago. Despite this negative trend, the analysts at Santiment suggest that this drop in sentiment might actually bode well for Dogecoin’s potential for future growth.
Dogecoin Sentiment Hits New LowDogecoin has struggled to reclaim past previous highs following its brief surge in November 2024. Interestingly, the meme coin also saw a slight uptick at the start of the year when Elon Musk temporarily changed his X social media profile name to ”Kekius Maximus,” a new frog-themed meme coin.
After Musk’s sudden name change, Dogecoin experienced a sharp price surge, but it was short-lived. The meme coin eventually erased 28% of its market capitalization while experiencing a dramatic decline in social media activity and general public interest.
According to Santiment crypto analyst Brainq, Dogecoin’s crowd sentiment is at its lowest point over the past year. The analyst rates Dogecoin’s crowd sentiment at just 1 out of 5, signaling a lack of enthusiasm and engagement from investors and traders. Dogecoin’s social sentiment results also contrast significantly with the more optimistic ratings of other popular cryptocurrencies like XRP and Solana (SOL), which scored 4 out of 5.
