Cryptocurrency news website Invest in crypto has reported that Dogecoin’s sentiment has reportedly reached its most negative level in over a year, according to the analysis of social media data by Ali Martinez, a crypto analyst known on X (formerly Twitter) as @ali_charts.

Highlighting a chart tracking various indicators of Dogecoin’s social activity and sentiment, Martinez noted that investor sentiment around the meme coin is currently at its most pessimistic reading in over 12 months, signaled by the deep negativity in the Weighted Sentiment line (red) around -0.93.

This metric, which combines the volume of social media mentions (Social Volume) with the overall polarity of discussions (positive vs. negative), has seen a steeper-than-usual decline into negative territory.

While discussing the analysis of crypto analyst Ali Martinez, who highlighted the stark shift in sentiment signaled by the Weighted Sentiment metric plummeting to its lowest point in over 12 months, Invest in crypto explained that this metric, which combines the volume of social media mentions (Social Volume) with the overall polarity of discussions (positive vs. negative), usually sees a steeper-than-usual decline into negative territory.

The stark shift in sentiment is signaled by the Weighted Sentiment metric plummeting to its lowest point in over 12 months, and this metric, which combines the volume of social media mentions (Social Volume) with the overall polarity of discussions (positive vs. negative), usually sees a steeper-than-usual decline into negative territory.

Pointing out that this extreme fear has historically set the stage for major reversals, Martinez suggested that this could be a prime opportunity to be a contrarian and bet against the prevailing bearish trend.

This observation is especially pertinent given that the chart's blue bars, denoting Social Volume, show moderate levels compared to the dramatic spikes seen mid-November through December.

This underscores that while negative sentiment dominates, the overall conversation frequency about DOGE is relatively low.

However, despite the coin sliding 20% in a week, whale addresses reportedly scooped up 1.7 billion DOGE (approximately $298 million) in the past 72 hours, according to Lumen, pivoting to another popular analyst, who noted that the coin slid from $0.22 to $0.17 despite this.

suggesting that bigger players might be positioning for an eventual rebound.

Moreover, Lumen speculates that a potential Dogecoin ETF approval could act as a bullish catalyst. According to him, if Dogecoin's price manages to reclaim the $0.20 level ahead of any ETF-related announcement and there's still liquidity on exchanges, it could set the stage for a surge toward $0.50 due to the liquidity that these investment vehicles could bring and the possibility of renewed social media excitement.

suggesting that apex coins may largely continue their trends.

The analysis also noted that the coin is now testing the lower Fibonacci level, which could offer some support, rendering it a crucial zone to watch.

The analysis has also noted that the coin is now testing the lower Fibonacci level, which could offer some support, rendering it a crucial zone to observe closely.

The post Dogecoin Hits Its Most Negative Sentiment in Over a Year as Whales Accumulate 1.7 Billion DOGE Ahead of Potential ETF Approval appeared first on Invest In Crypto.