- Dogecoin (DOGE) attempts to make a comeback during a mini-bull run, following a recent massive shorting from investors and traders.
- The future remains promising for Dogecoin.
Dogecoin (DOGE), a leading memecoin and altcoin in the cryptocurrency market is positioning itself for a major upsurge to a new price level. According to on-chain metrics, Dogecoin bulls have awoken and seem to be on a journey to the top. Although the coming weeks seem promising for Doge, market sentiments suggest that key players might still not be fully convinced about the asset.
According to data from leading on-chain platform Santiment, Dogecoin is on a mini bull run. The market intelligence platform took to Twitter to make this known and further disclosed that Doge has reclaimed a price point that was previously attained four weeks ago.
Additionally, Santiment revealed that before the recent developments, investors and traders holding short positions hit an all-time high recently, which might have played a huge role in influencing the ongoing price pump.
“Dogecoin is on a mini-run, regaining the $0.07 level for the 1st time in 4 weeks. The largest DOGE shorting of 2023 happened 6 days ago, likely contributing to the pump.” Santiment wrote in a tweet.
🐶 #Dogecoin is on a mini run, regaining the $0.07 level for the 1st time in 4 weeks. The largest $DOGE shorting of 2023 happened 6 days ago, likely contributing to the pump. Interestingly, the percentage of discussions and interest level has remained low. https://t.co/HZ9QM0hlI5 pic.twitter.com/aze07RbkWb
— Santiment (@santimentfeed) July 4, 2023
At report time, Dogecoin is the 8th most valued cryptocurrency by market cap. The memecoin sits right behind Cardano (ADA) and Solana (SOL), both of which it is currently outperforming.
Here’s what to expect from Dogecoin (DOGE) in the long-term
While other altcoins are yet to fully clear hourly losses, Dogecoin is up by 0.43% in the last hour. Over the last 7 days, Dogecoin has managed to sustain 2.56% in gains. The memecoin has since dropped from the $0.07 price mark, to now trade at $0.06 at the time of this writing.
Meanwhile, Santiment’s data also indicates that market players are not phased by the recent price pump, as social dominance levels are still significantly low.
Despite Doge’s ability to cross over to the green zone, a change in investors and traders is yet to be spotted.
“Interestingly, the percentage of discussions and interest level [for Dogecoin]has remained low.” Santiment asserted.
Over the years, Dogecoin has notably outperformed its peers and underperformed on different occasions. Thanks to Elon Musk’s consistent support, the asset has gained even more publicity over the years.
It is however worth noting that Elon Musk has not yet made any comment about the memecoin recently. Although Musk previously hinted that the asset might make it to Twitter as a payment option. This could significantly boost the adoption rate for Doge if it comes to fruition, as Twitter currently boasts more than 368 million monthly users, according to recent data from Search Logistics.
Should the asset gain positive momentum from Elon, Musk or another external factor, and return to its previous all-time high of $0.7376, market players holding a little over 1.3 million Doge could become millionaires in USD.
