Why the DOGE price keeps falling: Buy Now or Tomorrow?

Bittime - Dogecoin (DOGE) is experiencing a sharp slowdown, characterized by a decline in investor interest and activity on social media. This trend contrasts with the past euphoria that surrounded the digital asset born from a simple meme.

According to data from Santiment, enthusiasm for DOGE has reached historic lows, indicating a gradual loss of market confidence.

The decline in investor sentiment, combined with a significant drop in online discussions, highlights a wait-and-see climate where caution seems to take precedence over speculation.

Nonetheless, some observers see this weakness as a typical market downturn, conducive to future recovery. In their view, this pause could represent a strategic buying opportunity for investors willing to bet on a possible rebound, provided the overall market regains bullish momentum.

Also read: Platform X to launch payment system, DOGE a strong candidate?

Declining Interest on Social Media

Market sentiment surrounding Dogecoin has reached a tipping point, with one of its lowest levels in a year. According to Santiment data, DOGE has a score of 1/5, well below XRP (4/5) and Solana (4/5).

This distrust is evident on social media, where the volume of discussions related to DOGE has decreased significantly in recent weeks.

Once supported by an active community, Dogecoin now seems to be losing steam, which could affect its ability to attract new interest in the short term.

Source Market Bittime

In the past month, the price of DOGE has dropped 28%, currently hovering around $0.33. Over the past 30 days, the crypto reported a loss of 15.3%, following a similar downward trend to other memecoins, such as Shiba Inu (-15.9%) and Pepe (-22.2%).

Google searches related to Dogecoin have also plummeted by 74% since November, coinciding with the dropping of the lawsuit against Elon Musk and Tesla, who were accused of manipulating the price of DOGE. Without a major catalyst, the current dynamic will probably continue, leaving Dogecoin in a prolonged state of uncertainty.

Potential Rebound for Investors

Although enthusiasm for Dogecoin seems to be waning, some observers remain confident in its long-term potential. Trader Wizz, who is followed by 768,700 subscribers on X (formerly Twitter), states that “DOGE will outperform most major cryptos over the next six months.”

He based his analysis on chart configurations similar to those observed in November 2024, the period that preceded the crucial bullish rally for Dogecoin.

Analyst KrissPax also shares a similar view, predicting that “Dogecoin's next big move will occur in 2025.” According to him, the current price consolidation reflects past trends, suggesting a possible market recovery in the medium term.

Some experts even anticipate a significant increase in DOGE in 2025, with price predictions between $3 and $5.

Also read: Why did the Dogecoin price drop today? What's Causing DOGE's Slump?

Conclusion: Right Time to Buy DOGE?

The future of Dogecoin will largely depend on the return of collective enthusiasm and the evolution of the crypto market as a whole.

The decline in social sentiment and the collapse of Google searches signaled real disinterest, but DOGE's history shows that it often recovers after similar phases. Some investors see this as an accumulation opportunity, while others fear a slow erosion of its popularity.

With all these factors in place, now might be a good time to consider buying DOGE.

If you're willing to take risks, the current situation could be an attractive entry point to accumulate Dogecoin at a lower price. However, it's important to stay aware of unpredictable volatility and market developments that could affect the price of DOGE in the future.

FAQ

Why is the DOGE price dropping at the moment?

The DOGE price has dropped due to a decrease in investor interest and activity on social media, indicating a loss of market confidence. In addition, the volume of DOGE-related discussions has also decreased significantly, creating uncertainty among investors.

What affects market sentiment towards Dogecoin?

Market sentiment towards Dogecoin is affected by various factors, including decreased activity on social media, decreased Google searches, and a lack of major catalysts that could spark renewed interest. This has created a climate of caution among investors.

Is there a potential rebound for DOGE prices in the future?

Some analysts believe that although enthusiasm for DOGE is currently waning, this phase of stagnation could precede a new bullish momentum. Price predictions for DOGE in 2025 show significant upside potential, making it an accumulation opportunity for investors willing to take risks.

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References

cointribune.com, Dogecoin Sentiment Hits A Yearly Low: What's Next For DOGE?, accessed on January 10, 2025.

Author: AWW