• Dogecoin (DOGE) has recently seen a surge in its social sentiment, reaching levels similar to those seen in October 2022.
• This rise in the coin’s social sentiment is likely due to billionaire Elon Musk’s takeover of the social media platform Twitter.
• If the trend seen back in October 2022 continues, then the price of DOGE could be clearing the $0.1 level soon.
Dogecoin Social Sentiment Surges
Dogecoin (DOGE) like the rest of the crypto market has slowed down in the last day. However, for Dogecoin, it looks like the party may not be over as its social sentiment has actually been on an uneven path over the last couple of months and surged to October 2022 levels recently.
Elon Musk’s Takeover Of Twitter
The last time that Dogecoin really saw a good surge was back in October of 2022 when billionaire Elon Musk completed his takeover of Twitter. As expected, this led to gains of over 100% for Dogecoin even when other cryptocurrencies were struggling to hold on to meager gains.
High Social Sentiment For Dogecoin
The current high level of social sentiment indicates that investors are looking positively towards Dogecoin and could lead to eventual rises in prices following these surges. The accompanying rise in social volume also means more investors are talking about this meme coin.
Driven By Hype
It is well known that Dogecoin’s price is largely driven by hype and positive sentiment surrounding it and this recent spike could see it clearing above $0.1 if it follows a similar trend as what was seen back in October 2022.
Conclusion
With all these factors taken into consideration, it looks like there might be another leg up for Dogecoin if its positive sentiment continues to remain high and investors keep talking about it as much as they have been lately.