DOGE Price Could Correct Soon Despite High Social Sentiment

• DOGE is trading hands at $0.08621 after a 4.27% drop in price.
• Social sentiment around DOGE has not been this positive since October of 2022.
• Historically, hype like this around DOGE led to market corrections.

Dogecoin (DOGE) is one of the cryptocurrencies in the red for today. CoinMarketCap indicates that the meme coin is trading hands at $0.08621 after a 4.27% drop in price over the last day. DOGE was able to reach a low of $0.08471 and a high of $0.09126 over the same time period.

DOGE also weakened against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 0.08% and 1.99% respectively over the last 24 hours. The meme coin’s 24-hour trading volume is in the green zone and stands at $778,278,811 after a more than 12% increase since yesterday.

With its market cap of $11,439,134,404, DOGE is currently ranked as the 10th biggest crypto in terms of market capitalization. This places it right behind Polygon (MATIC) in 9th position and in front of Solana (SOL) which is ranked 11th.

A crypto enthusiast took to Twitter on February 16 to share his thoughts on DOGE. According to the post, social sentiment around DOGE has not been this positive since October of 2022 when DOGE pumped 160%.

The market intelligence platform Santiment then replied to this by stating that this pattern of social volume and positive sentiment toward DOGE perfectly illustrates how euphoria creates price tops.

Santiment then continued to explain that historically, hype like this around DOGE led to market corrections. This is certainly something that traders should keep in mind when it comes to being caught up in the excitement around the meme coin.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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