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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Dogecoin Down 3%, Here’s The Metric That Signaled This Decline In Advance

Keshav Verma
Keshav Verma
2 years ago
3 mins read
Dogecoin

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Dogecoin has declined around 3% in the past 24 hours following a pattern formation that has often signaled tops in the past.

Dogecoin Social Volume And Sentiment Shot Up Shortly Before The Decline

As per data from the on-chain analytics firm Santiment, euphoria has historically led to price tops in the cryptocurrency. A relevant indicator here is the “social volume,” which measures the total number of text documents that contain a given search term (which, in this case, is Dogecoin) at least once.

The text documents here include social media posts like tweets, telegram messages, Reddit posts, and other forum-related text pieces. A key feature of the social volume metric is that it doesn’t count these documents based on the number of times they mention the search term, but by if they do it even once.

For example, if a tweet mentions Dogecoin once, while a Reddit post mentions the meme coin five times, the indicator will still count both of them as 1 document each (meaning that the total social volume here would be 2).

Now, here is a chart that shows the trend in the social volume for DOGE over the last few months:

Dogecoin Social Volume And Weighted Sentiment

Looks like the value of the metric has been high in recent days | Source: Ali on Twitter

As displayed in the above graph, the Dogecoin social volume (in green) has seen a sharp spike during the past couple of days, showing that discussion around the meme coin has been at pretty high levels recently.

The chart also shows data for another indicator, called the “weighted sentiment,” which first measures the general sentiment in the market around the cryptocurrency, and then weighs it against the social volume.

This metric quantifies the sentiment by going through the earlier mentioned social text documents and checking whether users are talking positively or negatively about the meme coin, using a machine learning model.

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Afterward, the indicator weighs this calculated sentiment against the current social volume of the asset. In simpler terms, this means that the metric will only show high values when both the social volume is high and the overall sentiment is very positive at the same time.

From the graph, it’s visible that this indicator has also shot up to very high values recently. In fact, the current level of the indicator is the highest it has been since October of last year. This means that not only are a lot of people talking about DOGE right now, but they are also in fact mentioning it in a positive light.

Interestingly, back in October, the price of the cryptocurrency was surging, but following both the social volume and weighted sentiment spiking to extremely high values, Dogecoin topped out and soon saw a sharp correction.

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While hype can naturally generate a bullish wind for the coin, it’s also true that too much of it can lead to the price hitting the top and declining instead. “Regardless of your opinion on DOGE, hype on this asset in particular historically foreshadows market corrections,” explains Santiment.

Following the latest spikes in the two metrics, Dogecoin has already suffered a 3% drawdown after hitting a local high above the $0.09 level. At present, it’s currently unclear whether it’s truly the effect of euphoria that has appeared on the market with this latest drawdown, but if it is, then DOGE may be in for a further downtrend.

DOGE Price

At the time of writing, Dogecoin is trading around $0.0864, up 5% in the last week.

Dogecoin Price Chart

DOGE has declined during the past day | Source: DOGEUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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