• Dogecoin (DOGE) has seen a surge in social sentiment and volume levels, similar to the one it saw in October 2022.
• This surge can be attributed to billionaire Elon Musk’s takeover of Twitter that month.
• If this trend continues, there is potential for DOGE to break out past the $0.1 level once more.
Dogecoin Social Sentiment Surges To October 2022 Levels
Dogecoin (DOGE) like the rest of the crypto market has slowed down in the last day. This comes after a massive leg-up that saw the likes of Bitcoin and Ethereum break through four-month highs before correcting downwards. However, for Dogecoin, it looks like the party may not be over as its social sentiment has actually been on an uneven path over the last couple of months with a good surge back in October of 2022 when billionaire Elon Musk completed his takeover of the social media platform Twitter.
Surging Social Sentiment
As expected, when the digital asset’s social sentiment saw this spike, its price rose by over 100%. The same trend is being seen again now with both its weighted sentiment and social volume rising significantly. These are key indicators that investors are looking positively toward Dogecoin which suggests further upsurges in price should follow suit.
Elon Musk’s Influence On DOGE
Elon Musk’s influence on Dogecoin’s price since his takeover of Twitter cannot be understated as his tweets about it have repeatedly sent prices soaring. As such, if he continues tweeting about DOGE or makes any other supportive announcements then there could be even more upside potential for it from here on out.
What Does This Mean?
The rise in positive sentiment paints a bullish picture for Dogecoin which means that if it follows its previous trends then it could soon break out past $0.1 level once more due to investor interest increasing around it yet again – especially if Elon Musk continues supporting DOGE publicly via Twitter and other platforms.
It goes without saying that investors should keep an eye on Dogecoin as its price action could potentially become very exciting depending how things develop here on out – especially given how much influence Elon Musk wields over its prices at present!