All hail king DOGE
Elon Musk is back at it again, testing the limits of his influence and probably having a lot of fun with his new toy Twitter. Long forgotten are the times when a single tweet from him would send DOGE 10-20% in a matter of minutes, but today was the day when it happened again:
Price reacted swiftly, sending DOGE 15% higher almost instantly. Let's see how's the overall picture for this coin:
1) Address activity:
Clearly, first time price reached 15c the amount of active addresses was much higher than now, divergence #1,
2) Trading volume
Same thing, divergence #2
3) Social volume + sentiment
A classic picture of big social volume spike marking a potential top, plus sentiment is going higher and higher, meaning people are very positive in their DOGE-related statements.
4) Social trends
DOGE and related words have been holding top5 of our social trends for the last 4-5 days, which you can verify here and it finally lost its #1 place, which is also very often an indicator of incoming price decline.
But there's 2 indicators which show that there's potentially room for more growth:
1) Search trends
Current level is nothing compared to May 2021 top.
2) Social volume + social dominance (long-term)
In May 2021 social dominance for DOGE was a whopping 40%, right now it's only 14%.
Even after more than a year of hardcore bear market, we still see that there's always room for speculation, and Elon Musk who once was public enemy #1 in crypto is coming back. But how much more gas DOGE has left in its tank - it's up to you to decide.
Thanks for reading!
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