Is DOGE hype dying?
Assets covered: Dogecoin (DOGE)
Metrics used: Social volume and trading volume
Lol if you think any shred of TA applies to Doge *
Dogecoin has been on Santrends radar for many days.
This time DOGE managed to occupy 6 of 10 emerging trends because of Elon's tweet:
This caused a huge amount of talks around DOGE. On Reddit, Twitter, Discord, Telegram and other channels Santiment is tracking (Google is not). So called Social volume looks like this:
What we see here is:
Peak social hype (1) happens on lower price (2). While the final price top (3) is followed by less social volume (4) than previous top (1,2). This forms a clear divergence between price and social volume (red lines).
Ok, social volume is a half of crowd interest we used to measure. The second half is trading volume. Let's see:
Same divergence as with social volume can easily be observed.
Based on our previous experience (past performance doesn't show the future one) this is a quite typical setup for at least midterm top: the highest interest of the crowd has been on the previous price peak which was not the top, while the latest top which happened a week ago or so happened on both social and trading volumes.
These setups are not so often. DOGE one is very clean.
Dogecoin could be in danger. Unless it's social volume and trading volume overtake 29 Jan peaks. Charts to check - https://app.santiment.net/s/Ccsz3-cK (mind the dates).
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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