Weakness in bitcoin (BTC) has been deferred to other crypto majors from Solana’s SOL to memecoin dogecoin (DOGE), data suggests that current levels may prove ripe for risk-averse traders.
“Crypto’s leading meme coin Dogecoin has been remarkably quiet outside of a temporary run-up at the start of the year,” analytics firm Santiment wrote in a Thursday’s reportciting social metrics and sentiment based on online chatter.
“Since its top spot exactly one month ago, Dogecoin has shed -28% of its market cap. Crowd sentiment is near its lowest point in the past year. (This) means there is really good upside to be a bold contrarian towards DOGE (in particular) if crypto markets start to trend upwards again,” the firm added, with crowd sentiment on DOGE currently at low level of 1 out of 5.
Sentiment analysis is aligned with a CoinDesk review from earlier in the week.
Large investors, or “whales,” are showing increased interest in DOGE, with transactions above $100,000 increasing to indicate potential price increases in the short term. Futures markets for DOGE set a new record for open interest late Tuesday, although they have since weakened in line with the overall market decline.
This made January Dogecoin’s best performing month in history, with an average 85% return. Technical indicators such as the 50-day SMA suggest a bullish trend for DOGE with a short-term target at 50 cents — more than a 30% bump from Friday’s 33 cents level.
Sentiment remains mixed for the other majors. Bitcoin is neutral after the decline and recovery, now between the low to mid $90,000 levels. Ether is seeing bearish sentiment despite prices holding above $3,000. XRP is bullish after an 18% rise in the past week, and Binance Coin ($BNB) is showing neutral sentiment after a drop below $700. Solana remains semi-bullish despite the underperformance, with a loyal community buying dips.
Meanwhile, Cardano’s ADA led the market-wide recovery in the Asian afternoon hours on Friday with a 5.5% move over the past 24 hours. The broad based CoinDesk 20 (CD20) up 1.04%, with Solana’s SOL, BNB Chain’s BNB, ether (ETH), up 1%.
Traders show preference for AI Agent Bixby’s tokens, Cookie DAO’s COOKIE, and ChainGPT rise up to 50% on Binance spot listings. Viral token ai16z rose 11% and the agents category rose 8% on average, leading growth among all other crypto sectors.
