Dogecoin is the most valuable meme token in the cryptocurrency space. Created as a joke currency, Dogecoin has managed to achieve a market capitalization of over $13 billion. Despite its tremendous success, some skeptics remain convinced that Dogecoin is nothing more than a fad. In this post, we’ll take a closer look at Dogecoin’s price performance in the past week and its social analysis.
Dogecoin Price Analysis
Considering the monthly performance of Dogecoin (DOGE), the price level faced a severe downfall of nearly 50% due to the overall market conditions. DOGE took a breather after having a breakdown below the 0.236 FIB level on the Fibonacci retracement table. Thereafter, the doge community has been able to provide considerable positive momentum to the DOGE token which has formed a rising channel pattern on the chart.
Alongside, there’s a positive crossover of MA-20 against MA-100 which suggests that DOGE is the prevailing positive sentiment in the market. The width of Bollinger Bands has also expanded with the positive trend and the price level is testing the upper basis of BB at regular intervals.
Dogecoin Social Analysis
Source: LunarCrush
As the whole empire of Dogecoin is built upon social and community engagement, social analysis might play a key role in determining its token action. The graph represents the total social mentions of Dogecoin from the past week. The total mentions were about 5.95K resulting in an increase of 18.05%.
Source: LunarCrush
The graph represents total social engagement for Dogecoin since the past week. The engagement rate on the graph is quite volatile which suggests that the Dogecoin social media handles were able to make engagement in its community at regular intervals.
Dogecoin Fundamental Analysis
Apart from the social mentions and engagement, one of the potential reasons why Dogecoin pumped since the past week could be the speculation behind the glimpse of Twitter 2.0 shared by Elon Musk. As the billionaire is closely associated with Dogecoin through his advocacy and tweets, a positive sentiment might have been created for the meme token.
Surprisingly, the last slide of his Twitter 2.0 had an empty glimpse for payments which the community might speculate to be Dogecoin.
Irrespective of the recent pump and growing social metrics, Dogecoin is still down about 40% on a year-to-date performance.
