Weakness in bitcoin BTCUSD has deferred to other crypto majors from Solana’s SOL to memecoin dogecoin DOGEUSD, data suggests current levels could prove
Bitcoin price weakness has filtered through to other major cryptocurrencies, with Solana’s SOL and memecoin dogecoin showing signs of weakness – but data suggests current levels could be ripe for risk-on traders.
“Crypto's top meme coin Dogecoin has been extremely dull outside of a brief run-up at the year's start,” analytics firm Santiment wrote in a Thursday report, covering social metrics and sentiment based on online chatter.
“Since its top (precisely) one month ago, Dogecoin has shed -28% of its market cap. Crowd sentiment has been among the lowest over the past year (suggesting) there is actually some nice upside to being a daring contrarian toward DOGE (in particular) if crypto markets begin to trend upward again,” the firm added, with crowd sentiment on DOGE showing very low levels of 1 out of 5.
The sentiment check comes in line with a CoinDesk analysis from earlier in the week, showing that large investors, or "whales," are displaying increased interest in dogecoin, with transactions over $100,000 spiking to hint at potential price bumps in the short term. Futures markets for DOGE set a new record for open interest late Tuesday, though they have since tapered off alongside a market-wide decline.
As such, January has been Dogecoin's best-performing month historically, averaging an 85% return. Technical indicators like the 50-day SMA are suggesting a bullish trend for DOGE with a short-term target at 50 cents — a more than 30% bump from Friday’s 33 cents level.
Sentiment for other majors remains mixed. Bitcoin is showing neutral sentiment after a dip and recovery, now ranging between the low to mid $90,000 levels. Ether sees bearish sentiment despite prices holding above $3,000. XRP is showing bullish sentiment after an 18% rise in the past week, and Binance Coin ($BNB) is showing neutral sentiment post-drop below $700. Solana remains semi-bullish despite underperformance, with a loyal community buying dips.
Meanwhile, Cardano’s ADA led a market-wide recovery in Asian afternoon hours on Friday with a 5.5% move in the past 24 hours. The broad-based CoinDesk 20 (CD20) rose 1.04%, with Solana’s SOL, BNB Chain’s BNB, ether ETHUSD, rose as much as 1%.
Traders showed a preference for AI Agent tokens Bixby, Cookie DAO’s COOKIE, and ChainGPT rose as much as 50% on Binance spot listings. Viral token ai16z was up 11% and the agents category up was 8% on average, leading growth among all other crypto sectors.
