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Dogecoin's Social Sentiment Surges 600% In Single Day As DOGE Crosses 10 Cent Mark, But This Indicator Is Flashing 'Sell'

Mehab Qureshi
February 28, 2024

Amid a surging cryptocurrency market, Dogecoin (CRYPTO: DOGE), the meme-based cryptocurrency, is experiencing a rise in both price and social sentiment. 

What Happened: Data from social analytics firm LunarCrush revealed an increase in Dogecoin’s social media presence, with a 600% rise in its “social dominance score” recorded within a single day. Social dominance calculates the “share of voice” across all social media data.

As Bitcoin soared above the $64,000 mark, driving positive sentiment across the crypto landscape, Dogecoin's price rose to the $0.10 threshold.

In terms of market capitalization, Dogecoin reclaimed its position among the top ten cryptocurrencies, surpassing Avalanche (AVAX). The token currently holds a market capitalization of $16.4 billion, securing its standing as the 10th largest cryptocurrency by this metric.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

On The Technical Side: The Relative Strength Index (RSI), a tool used to gauge the momentum of asset price movements, currently places Dogecoin in the overbought zone with a value of 73.4071, according to TradingView. Traditionally, an RSI value exceeding 70 could imply an overextension in the asset’s market price, hinting at the potential for a future sell-off.

RSI is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100. For RSI, values above 70 indicate that an asset may be overbought (potentially a sell signal), while values under 30 suggest it may be oversold (potentially a buy signal).

Why It Matters: Data from CoinGlass shows an overwhelming amount of liquidated positions, particularly among those betting against Dogecoin’s rise (short sellers). The figures revealed a total of $39.86 million in liquidations, with $30.52 million stemming from short positions in the last 24 hours.

Blockchain analytics from IntoTheBlock indicate heightened activity surrounding Dogecoin, with an 86% increase in new wallet creation.  Dogecoin’s active wallet addresses, which represent the number of unique senders and receivers on the network, also spiked by 37%.

Photo by Dennis Diatel on Shutterstock

 Price Action: At the time of writing, DOGE was trading at $0.12 up 30.22% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

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