Dogecoin (DOGE) Is Set to Explode If the Digital Asset Market Starts to Rebound, Says Santiment

Crypto analytics firm Santiment says that meme asset Dogecoin (DOGE) is set up for an explosive move to the upside if the digital assets market starts to rebound.

Dogecoin (DOGE) price has been battered throughout 2023 after surging as high as $0.46 in early December.

However, meme asset enthusiasts could be setting their sights on a DOGE breakout if the digital assets market begins to rebound.

According to crypto analytics firm Santiment, crowd sentiment has been near its lowest point over the past year for the memecoin.

“Markets historically move the opposite direction of the crowd’s expectations,” notes Santiment.

The firm assigns each digital asset a market sentiment score on a scale of one to five, with one being the most bearish.

According to Santiment, normal crowd sentiment for a digital asset over the past three months is three.

However, crowd sentiment for DOGE is currently one, indicating that the memecoin is trading at its lowest market sentiment level.

“Crypto’s top memecoin has been extremely quiet outside of a temporary run-up at the beginning of the year (coinciding with Elon Musk’s brief handle change to ‘Kekius Maximus’),” adds Santiment.

“Since its top exactly one month ago, Dogecoin has shed -28% of its market cap.

Crowd sentiment has been near its lowest point over the past year, meaning there is actually some nice upside to be a daring contrarian toward DOGE (in particular) if crypto markets begin to trend upward again.”

At time of writing, DOGE is trading for $0.32. The memecoin has dropped 2% in the last 24 hours and 12% in the last seven days. DOGE is also down more than 70% from its all-time high of $0.74.