Weakness in bitcoin (BTC) has spilled over to other crypto majors from Solana’s SOL to memecoin dogecoin (DOGE), data suggests current levels may prove ripe for risk traders.
“Crypto’s top meme coin Dogecoin has been extremely quiet outside of a temporary run-up at the beginning of the year,” research firm Santiment wrote in a Thursday report, citing social metrics and sentiment based on online chats.
“Since peaking exactly one month ago, Dogecoin has lost -28% of its market cap. Public sentiment has been close to its lowest point in the past year. (This) means that there are actually some good advantages to being a bold opponent to DOGE (especially) if crypto markets start trending up again,” the firm added, with audience sentiment on DOGE currently at low levels of 1 out of 5.
The sentiment check is consistent with a CoinDesk analysis from earlier this week.
Large investors, or “whales”, are showing increased interest in DOGE, with transactions above $100,000 rising to hint at potential near-term price bumps. Futures markets for DOGE set a new record for open interest late Tuesday, though they have since coincided with a market-wide decline.
As such, January has been Dogecoin’s best performing month historically with an average of 85% returns. Technical indicators such as the 50-day SMA suggest a bullish trend for the DOGE with a near-term target of 50 cents – a more than 30% bump from Friday’s 33 cent level.
The mood for other majors remains mixed. Bitcoin is neutral after a dip and recovery, and now ranges between the low to mid $90,000 levels. Ether sees bearish sentiment despite prices holding above $3,000. XRP is bullish after rising 18% in the past week, and Binance Coin ($BNB) is showing neutral sentiment after falling below $700. Solana remains semi-bullish despite underperformance, with a loyal community buying dips.
Meanwhile, Cardano’s ADA led a market-wide rally in Asian afternoon hours on Friday with a 5.5% move in the past 24 hours. The broad-based CoinDesk 20 (CD20) rose 1.04%, with Solana’s SOL, BNB Chain’s BNB, ether (ETH) up a whopping 1%.
Traders showed a preference for AI Agent token Bixby, Cookie DAO’s COOKIE and ChainGPT surged as much as 50% on Binance spotlists. Viral token ai16z rose 11% and the agent category rose 8% on average, leading growth among all other crypto sectors.
