Dogecoin has emerged as a focal point of conversation, even amid the sudden wave of meme coins associated with Donald Trump’s return to the spotlight. On-chain analytics firm Sentiment, which recently shared a sentiment dashboard on X, notes that the “top trending token” is meme coins following the “historic US inauguration of Donald Trump.” are about
In his latest postThe sentiment emphasizes that “trump Coinbase is being discussed following its controversial listing, and the risks involved in investing during a volatile market, while there is also significant interest in the airdrop of “TRUMP” tokens, a significant event securing $1M worth of tokens. with doing.”
Melania, another meme coin associated with the Trump brand, has caused a stir by briefly surpassing the $9 billion valuation, though it has endured “considerable volatility amid broader market uncertainty.”
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Meanwhile, Dogecoin’s rise in social media mentions is driven by Santiment’s newly established U.S. Department of Government Efficiency (DOGE) is led by Elon Musk, as the project uses Dogecoin as its avatar. On January 21, the US government officially launched the Department of Government Efficiency (DOGE) website with the official Dogecoin logo on it.
“This initiative has created a buzz as it links cryptocurrency to government functions, creating a buzz on social media. Additionally, discussions surrounding the possibility of new meme coins associated with public figures such as Trump and Musk contribute to speculation about Dogecoin’s future performance and relevance in the crypto space,” the sentiment writes.
Despite the sudden focus on TRUMP and MELANIA, the breakdown in sentiment underscores mixed feelings for both tokens. Regarding Trump, the post stated: “The word ‘Trump’ is trending due to discussions about Trump Coin. Its price fluctuations, and the speculative nature of meme coins, have users debating the risks of investing in Trump Coin. are
Sentiment’s “positive” analysis cites “political influence and executive actions” as reasons for optimism, highlighting that “expectations of a crypto executive order from Trump fueled investor excitement.” is.”
Related Reading: Will Dogecoin Skyrocket Soon? The chart pattern suggests yes
melanieSentiment similarly splits along bullish and bearish lines, with the negative view citing a decline of more than 70% from its initial peak price, and noting “celebrity endorsements” from Donald and Melania Trump as potential drivers of renewed interest. Hoy bullish narrative.
Technical analysis: DOGE confirms the breakout
At press time, Dogecoin (DOGE) was trading at around $0.367 after recovering from a downtrend dating back to early December. The breakout above diagonal resistance occurred earlier this week, followed by a successful retest of the trendline yesterday, confirming it as new support.
After the retest, DOGE is now competing with the 0.5 Fibonacci retracement level at $0.3943, which represents the next major overhead barrier. A clear break of this resistance could open the door to the higher 0.618 Fib level at $0.4759 and 0.786 Fib at $0.5920.
On the downside, if DOGE fails to break 0.5 Fib, 0.382 Fib at $0.3129 could serve as the most reliable support. Meanwhile, the Relative Strength Index (RSI) remains neutral at around 51, indicating balanced momentum and leaving room for potential continuation either way.
Featured image created with DALL.E, chart from TradingView.com
