Bitcoin’s (BTC) weakness has led to other major cryptocurrencies, from Solana’s SOL to memecoin dogecoin (DOGE), with data suggesting current levels could prove ripe for risk-taking traders.
“Cryptocurrency’s leading meme coin, Dogecoin, has been extremely quiet outside of a run-up to a temporary surge earlier in the year,” analytics firm Santiment wrote in a Thursday report, citing social metrics and sentiment-based in online conversations.
“Since its peak exactly one month ago, Dogecoin has lost -28% of its market cap. Public sentiment has been near its lowest point over the past year. (This) means that there are actually some good advantages to being boldly anti-DOGE (in particular) if crypto markets start trending up again,” the firm added, with crowd sentiment on DOGE currently at low levels of 1 out of 5.
The sentiment check aligns with a CoinDesk analysis from earlier in the week.
Large investors, or “whales,” are showing increased interest in DOGE, with transactions over $100,000 skyrocketing to hint at possible price increases in the near term. DOGE futures markets set a new open interest record on Tuesday night, although they have since declined along with a market-wide decline.
As such, January has historically been Dogecoin’s best-performing month, with an average return of 85%. Technical indicators such as the 50-day SMA suggest a bullish trend for DOGE with a short-term target of 50 cents, an increase of over 30% from Friday’s 33 cent level.
Sentiment towards other large companies remains mixed. Bitcoin is neutral after a decline and recovery, and is now hovering between the low and mid-$90,000 levels. Ether sees bearish sentiment despite prices holding above $3,000. XRP is bullish after an 18% surge last week, and Binance Coin ($BNB) is showing neutral sentiment after the drop below $700. Solana remains semi-bullish despite the underperformance, with a loyal community buying on the dips.
Meanwhile, Cardano ADA led a market-wide rally in the Asian afternoon hours on Friday with a 5.5% move over the past 24 hours. The broad-based CoinDesk 20 (CD20) rose 1.04%, and Solana’s SOL, BNB Chain’s BNB, ether (ETH), rose as much as 1%.
Traders showing preference for AI Agent Bixby, Cookie DAO COOKIE and ChainGPT tokens rose up to 50% on Binance spot listings. The viral token ai16z is up 11% and the broker category is up 8% on average, leading growth among all other crypto sectors.
