Dogecoin May Set For A Breakout, Says Santiment

Dogecoin is among the leading crypto assets faced with increasingly negative sentiment.

On-chain and social sentiment analysis platform Santiment Feed, in a tweet on Friday, revealed that Dogecoin is facing increasing levels of fear, uncertainty, and doubt (FUD), indicating that the popular meme coin could be primed for a breakout.

“The majority of crypto assets are seeing major negativity from the trading community right now. But keep your eye on BTC, BNB, DOGE, and LINK. These top caps are showing particularly high levels of FUD that can lead to eventual breakouts,” tweeted Santiment.

😠 The majority of #crypto assets are seeing major negativity from the trading community right now. But keep your eye on $BTC, $BNB, $DOGE, and $LINK. These top caps are showing particularly high levels of #FUD that can lead to eventual breakouts. https://t.co/cSUnSfn88e pic.twitter.com/MyoOavHllw

— Santiment (@santimentfeed) September 23, 2022

It bears mentioning that DOGE is no stranger to making unexpected rallies, especially as it continues to retain the support of key influential figures like Tesla chief Elon Musk. The token exploded to highs of $0.73 in May last year, riding on nothing but the hype from evangelists like Musk and Mark Cuban.

Notably, Dogecoin users may soon be able to access Ethereum smart contracts. The Crypto Basic reported in August that the Dogecoin bridge with Ethereum has entered the final stages of development, with the launch expected later this year.

It is now the second largest proof-of-work (PoW) network and has received increased attention from whales in the past week. Notably, within the period, Doge attracted six new whales who accumulated over 620 million DOGE in total.

Dogecoin is trading at the $0.06549 price point, 7.32% higher in the last 24 hours, leading market gains among the top 10 crypto assets by market cap.

– Advertisement –