Dogecoin (DOGE) is facing a serious reduction in social media activity, just like Ethereum (ETH). Data from blockchain analytics company Sentiment reveals that the weighted social sentiment of Dogecoin has significantly decreased, signifying an instant drop in discussions and attention across platforms such as Twitter, Reddit, and Telegram.
Dogecoin’s price historically follows social media trends, and its current downturn could signal short-term weakness.
The downturn in the social conversation has also manifested in the market. Dogecoin has dropped below the psychological support of $0.30 and is currently trading at approximately $0.25, losing steam with fading community interest. Ethereum is experiencing the same fate, with the decline in social conversations following the recent price halt.
Dogecoin’s price has often reacted to social media trends, with hype driving major spikes. The current negative sentiment raises concerns about its short-term performance.
Decreased online discussions typically lead to diminished retail investor appetite, which affects trading volume and liquidity. Despite the bearish outlook, some analysts believe the negativity could signal an opportunity.
A well-known crypto analyst Ali Martinez pointed out that extreme bearish sentiment often precedes a market rebound.
He stated,
If history repeats itself, Dogecoin could see a potential recovery once sentiment shifts. This suggests that while investor confidence is currently low, Dogecoin could still see a strong recovery if history repeats itself.
Other experts have also weighed in on the situation. Santiment analysts noted**,**
This pattern has been observed in previous crypto cycles, where assets with fading social engagement eventually see renewed interest once accumulation starts.
While Dogecoin falters with waning interest, Bitcoin (BTC) remains at the center of market discussions, diverting attention from altcoins such as DOGE and ETH. Other cryptocurrencies, including Cardano (ADA), meanwhile, have experienced spikes in activity with recent ecosystem advancements.
For Dogecoin to regain its pace, it will most likely need a spike in social activity and renewed investor interest.
For now, traders are keeping a close eye on social trends, as a discussion surge could trigger a price rebound. It remains uncertain whether Dogecoin will continue to decline alongside Ethereum or make a comeback.
