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Blockchain analytics platform Santiment says one of the top 10 altcoins that saw a triple-digit surge over the past week has higher potential.
santimento To tell Dogecoin (DOGE) may have room for further growth based on two metrics: search trends and social dominance.
Starting with search trends, the number of times the term “Dogecoin” is being typed into online search engines is nowhere near the levels seen in May 2021, when the leading memecoin hit a record high of $0.732.
Current levels are nothing compared to the top of May 2021.
Turning to Dogecoin’s social dominance, Santiment says the metric’s readings are well below the levels it reached its all-time highs.
In May 2021, DOGE’s social advantage was a whopping 40%, now it’s just 14%.
However, Santiment says that Dogecoin no longer holds the top spot as a trending term, which could signal a bearish reversal.
DOGE and related words have been in the top five social trends for the past four to five days, which is very often a sign of a price drop.
Santimento too To tell Dogecoin’s rising social volume and rising sentiment could signal a bearish reversal.
In addition to the classic picture of large social volume spikes showing potential tops, sentiment is getting higher and higher, meaning people are very positive about DOGE-related statements.
Between October 25th and November 1st, Dogecoin surged from a low of $0.059 to reach a nine-month high of $0.158, up 168.8%. Dogecoin is trading at $0.130 at the time of writing.
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