Dogecoin Sentiment Reverts To February Low, Is DOGE Set For 200% Rally?

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.

Dogecoin and the Unusual Rebound Effect

According to Martinez, drawing on data from crypto analytics provider Santiment, Dogecoin’s 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.

Market sentiment for #Dogecoin is as bearish as it was in early February, just before #DOGE skyrocketed by 200%! pic.twitter.com/dxbnb5jECQ

— Ali (@ali_charts) May 31, 2024

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.

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.

If this were to repeat itself, it might see Dogecoin breach its monthly high to $0.2 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 – featuring the 29.3% surge in 2015 and the 31.6% in 2016 respectively.

What Will Dogecoin Price?

The biggest driver of Dogecoin’s 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.

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, many projects that Dogecoin is on track for a wilder growth in the long term.

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