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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