Dogecoin: Can DOGE Double in Price and Reach $0.16?

Paigambar Mohan Raj
Source: Analytics Insight

According to cryptocurrency analysis firm Santiment, Dogecoin (DOGE) social sentiment has reached levels not seen since October 2022. At the time, Tesla CEO Elon Musk finalized his deal to purchase the social media platform Twitter. DOGE investors were ecstatic in hopes that the platform would incorporate the token, given that Musk is one of the biggest DOGE proponents in the world. The last time DOGE’s social sentiment was this high, the asset’s price pumped by 160%.

Santiment notes how such social volumes create positive sentiment towards the currency, and the euphoria leads to price tops. As per Santiment, hype around Dogecoin (DOGE) has historically foreshadowed market corrections.

Can Dogecoin (DOGE) reach $0.16?

Being a memecoin, DOGE’s price is susceptible to online chatter. If DOGE were to rally by 160%, like in October 2022, its price would reach $0.23, surpassing the $0.16 mark.

However, there are some other points to consider. According to LunarCrush, Dogecoin’s (DOGE) social mentions have spiked by 58.48%. This means there is a lot of chatter about the popular canine-themed cryptocurrency on social media platforms. However, the firm’s data shows that social engagement has dropped by 1.12%. This could mean that investors are not showing interest in the chatter making the rounds online.

Source: LunarCrush

Now, the popular dogcoin could rally by triple digits, given there is an external stimulus. Musk has announced that Twitter will have a payment option soon. However, there is no word whether DOGE will be one of the accepted currencies. However, investors are hopeful that the platform will, given that Musk has accepted DOGE in many other ventures. If Twitter does accept DOGE payments, the popular memecoin could reach new all-time highs.

At press time, Dogecoin (DOGE) was trading at $0.088369, down by 0.3% in the last 24 hours.