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Dogecoin (DOGE) Spiked 160% Last Time This Happened, Will History Repeat Itself?

Thu, 02/16/2023 - 14:44
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Gamza Khanzadaev
Last time this metric was this high, Dogecoin (DOGE) price soared at triple-digit rate
Dogecoin (DOGE) Spiked 160% Last Time This Happened, Will History Repeat Itself?
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According to Santiment data cited by crypto analyst Ali Charts, social sentiment around Dogecoin (DOGE) has grown significantly positive in recent days. According to the analyst, the last time the index reached this level of positivity was in late October 2022, when Elon Musk finalized the deal to buy Twitter. Then, on hype, rumors of Dogecoin's deployment on the popular social network and speculation, the token went up 160% in price.

Dogecoin (DOGE) Reverses After Elon Musk's Twitter Post, But Does It Have Any Chance?

What acted as a catalyst for the positive mood of the crowd this time is hard to say, given that there is currently no news coverage of such magnitude around Dogecoin. At the same time, the crypto market continues to show extremely strong bullish momentum, with Elon Musk mentioning DOGE here and there, but mostly in a joking way.

Dogecoin (DOGE): faith and devotion

Perhaps the reason the crowd is so positive about Dogecoin is due to current market conditions. Since the beginning of 2023, the crypto market has grown more than 38% in capitalization and is back above $1 trillion. However, surprisingly, DOGE has not been in tune with the market and has lost 20% against Bitcoin (BTC), 14% against Ethereum (ETH) and most interestingly more than 36% to its main competitor Shiba Inu (SHIB) since the beginning of the year.

Top-Tier Dogecoin (DOGE) Wallet Receives Millions of DOGE, Could It Be Sign of Selling?

Thus, it can be assumed that the crowd expects Dogecoin to start to win back the gap on the market and is positive about its future price action. Whether this will be enough to make history repeat itself is an open question.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.