Analytics Firm Reveals Why Dogecoin & Apecoin Hit Tops

Name	Symbol	Market	Market Cap ($)	Algorithm
ApeCoin	APEUSD	Crypto	809,573,863	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

ApeCoin

APEUSD

Crypto

809,573,863

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.020	1.69%	1.20	1.20	1.20

Price Change

Price Change %

Current Price

Bid Price

Offer

0.020

1.69%

1.20

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1.21	1.17	1.18	1.18	0.477000 - 5.35

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1.21

1.17

1.18

0.477000 - 5.35

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:47:00	333.33	1.20	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:47:00

333.33

1.20

USD

Price x Volume	Volume	Base Symbol	Related Pairs
488,436.74	411,158.04	APE	APEEUR	APEGBP	APEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

488,436.74

411,158.04

Analytics Firm Reveals Why Dogecoin & Apecoin Hit Tops

24/10/2024 7:00am

NEWSBTC

The on-chain analytics firm Santiment has revealed the potential reason behind the corrections that Dogecoin and Apecoin have faced recently. Dogecoin & Apecoin Are Among Memecoins That Fell Prey To FOMO Recently As explained by Santiment in a new post on X, the Positive Sentiment vs. Negative Sentiment Ratio has seen a spike for Dogecoin and other memecoins recently. The “Positive Sentiment vs. Negative Sentiment Ratio” here refers to an indicator that tells us whether major social media platforms are leaning towards positive or negative comments right now. Related Reading: Bitcoin Profitability Index Hits 202%: Is This Enough For A Top? This indicator makes use of a machine-learning model designed by the analytics firm to separate between comments pertaining to negative and positive sentiments. When the value of the metric is greater than zero, it means the total number of positive posts/threads/messages is outweighing that of the negative ones. On the other hand, the indicator being under this threshold suggests the dominance of bearish sentiment on social media. Now, here is the chart shared by Santiment that shows the trend in this indicator for four assets over the past few months: As displayed in the above graph, Dogecoin and Apecoin both witnessed spikes in the Positive Sentiment vs. Negative Sentiment Ratio recently, implying a large amount of positive comments related to these coins were made on social media. Interestingly, as the analytics firm has pointed out, these spikes coincided with tops in the DOGE and APE prices. The other two memecoins listed in the chart, GIGA and GOAT, also witnessed a similar pattern, although their tops came before that of the former two. While positive sentiment can suggest belief in the market, a large amount of it can be an indication of excessive hype, which is something that has historically led to tops for not just memecoins but cryptocurrencies in general. “Prices typically always go the opposite direction of the crowd’s expectations, and when the crowd gets extreme on either the bullish or bearish end, it becomes highly predictable to buy or sell,” explains Santiment. Given the timing of the recent positive spikes in the indicator, it would appear possible that the Fear Of Missing Out (FOMO) that developed among the investors was the reason behind the corrections that Dogecoin and others have faced. Related Reading: Ethereum Leverage Ratio Reaches Extreme Levels, What It Means The Positive Sentiment vs. Negative Sentiment Ratio could now be to watch in the coming days, as any cooldowns in its value could pave way for bullish momentum to restart for these coins. DOGE Price Dogecoin had neared the $0.150 level a few days ago, but with the correction that has followed since then, its price has retraced back to the $0.136 mark. Featured image from Dall-E, Santiment.net, chart from TradingView.com

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