Dogecoin (DOGE) Spiked 160% Last Time This Happened, Will History Repeat Itself?

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According to Santiment data cited by crypto analyst Ali Charts, social sentiment around Dogecoin (DOGE) has grown significantly positive in recent days. According to the analyst, the last time the index reached this level of positivity was in late October 2022, when Elon Musk finalized the deal to buy Twitter. Then, on hype, rumors of Dogecoin’s deployment on the popular social network and speculation, the token went up 160% in price.

Social sentiment around #Dogecoin hasn’t been this positive since October 2022, when $DOGE pumped 160%, shows data from @santimentfeed. pic.twitter.com/hMrvm4sYgt

— Ali (@ali_charts) February 16, 2023

What acted as a catalyst for the positive mood of the crowd this time is hard to say, given that there is currently no news coverage of such magnitude around Dogecoin. At the same time, the crypto market continues to show extremely strong bullish momentum, with Elon Musk mentioning DOGE here and there, but mostly in a joking way.

Dogecoin (DOGE): faith and devotion

Perhaps the reason the crowd is so positive about Dogecoin is due to current market conditions. Since the beginning of 2023, the crypto market has grown more than 38% in capitalization and is back above $1 trillion. However, surprisingly, DOGE has not been in tune with the market and has lost 20% against Bitcoin (BTC), 14% against Ethereum (ETH) and most interestingly more than 36% to its main competitor Shiba Inu (SHIB) since the beginning of the year.

Thus, it can be assumed that the crowd expects Dogecoin to start to win back the gap on the market and is positive about its future price action. Whether this will be enough to make history repeat itself is an open question.