According to crypto strategist Ali, community engagement around Dogecoin has turned outstandingly positive over the past few days. The last time this index signalled a change in trend, the canine-inspired meme token demonstrated an increase of around 160 percent against the U.S. dollar.
But the question is: Will history repeat itself?
Time For Another 160% DOGE Price Surge?
The Dogecoin price has the makings of what it takes to rally triple digits.
Analyst Ali observed on Twitter that market sentiment around DOGE has grown overwhelmingly positive. The last time this metric was this positive was in October 2022, during the time when Tesla/SpaceX boss Elon Musk finally closed his Twitter buyout deal after a lengthy back-and-forth between the two sides. At the time, speculation that DOGE would be incorporated into Twitter was mounting, which ignited a fierce 160% rally in crypto’s OG meme coin.
Social sentiment around #Dogecoin hasn’t been this positive since October 2022, when $DOGE pumped 160%, shows data from @santimentfeed. pic.twitter.com/hMrvm4sYgt
— Ali (@ali_charts) February 16, 2023
The sentiments of crypto market participants often precede price action. This time, however, it’s unclear what has caused the social engagement metrics to go through the roof, as there are no positive news developments in the Dogecoin ecosystem.
Nevertheless, the broader crypto market is suddenly trending upwards as traders shrug off U.S. regulators. For perspective, the total market capitalization for all cryptocurrencies has jumped by approximately $100 billion over the last 24 hours.
Should history repeat itself, traders should keep an eye on a possible 160% Dogecoin upsurge in the coming weeks.
Twitter’s New CEO
As usual, Dogecoin’s latest rally came after Musk shared a couple of tweets showing his Shiba Inu dog sitting in the Twitter CEO chair.
“So much better than that other guy!” Musk joked.
Many DOGE enthusiasts are still holding out for one final push upward if and when the electric-vehicle-tycoon-turned-Twitter-owner reveals what he has planned for his favourite crypto token in relation to the social media giant.
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