As Dogecoin slays on the social front, can it trigger another bullish run
- DOGE’s uptick in price was followed by an uptick in social engagements according to recent data.
- As DOGE’s popularity grows, the chances of further price appreciation increase.
Despite a slow start earlier in the year, Dogecoin[DOGE] has experienced a significant rally in the past few weeks. The memecoin’s recent surge has caught the attention of investors and traders alike.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
DOGE gains popularity
The memecoin’s surge can be attributed to the increasing interest and popularity it has garnered on social media platforms. The growing fascination and engagement with DOGE in online communities have contributed significantly to its recent positive momentum in the market.
As more people discuss and show enthusiasm for Dogecoin on various social fronts, it has captured the attention of investors and traders, resulting in its latest upward trend.
According to LunarCrush’s recent data, the social engagements for DOGE observed a massive spike before the rise in DOGE’s price. At press time, there was another spike of 73.9% observed for DOGE in terms of social engagements. Additionally, the number of social mentions for DOGE also grew by 89.7%.
Furthermore, the positive sentiment around DOGE was also observed to be rising according to Santiment’s data. This indicated that the number of positive comments for DOGE across social media started to grow over the last few days.
Only time will tell whether DOGE ‘s price will follow suit and observe an uptick in its price.
DOGE’s price remains high
In the last few days, DOGE’s price observed a slight correction after testing the $0.0839 level. However, the decline in price wasn’t significant enough to establish a trend.
At press time, the price of DOGE was $0.0801. The RSI for DOGE was at 60.50, which showed that the momentum was with the buyers at the time of writing. The CMF for DOGE had also increased, implying that the money flow favored the bulls.
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It remains to be seen whether DOGE’s price manages to retest the $0.0839 level and weaken the resistance even further in the future.
Elon Musk and his possible involvement of DOGE with Twitter/X can also play a crucial role in determining what happens next to the memecoin.