Dogecoin (DOGE) Investors Grow Impatient as Weighted Sentiment Collapses, But Analysts Remain Bullish

The Dogecoin weighted sentiment metric has collapsed in the past few weeks as its sluggish price action triggers impatience among investors.

Dogecoin (DOGE) has seen a sharp decline in its weighted sentiment metric, indicating growing impatience among investors with the meme coin's price action.

After Donald Trump's victory in the 2024 election and the announcement of plans to create a Department of Government Efficiency, playfully dubbed "D.O.G.E." by Tesla CEO Elon Musk, Dogecoin (DOGE) rallied around 220% from $0.15139, reaching highs of $0.48434.

However, the rally has stalled in recent weeks, with DOGE shedding some of its gains and trading at the $0.38429 price point at the last check. This slowdown may be causing traders to lose patience and doubt the asset's potential for further short-term price growth.

According to data from Santiment Feed shared by prominent crypto analyst Ali Martinez on Tuesday, December 17, the weighted DOGE sentiment has turned negative, dropping from highs of nearly five on the Santiment scale in mid-November to a negative 0.6. This decline in sentiment has also coincided with a massive dip in social media mentions, decreasing from over 3,200 to less than 300.

Despite the shift to negative sentiment, investors may find solace in the fact that it can often serve as a contrarian indicator when it becomes overwhelmingly negative. In line with this observation, several analysts remain bullish on the asset despite the recent correction.

Continuing the bullish narrative, market analyst Javon Marks recently highlighted that DOGE has almost perfectly replicated its historical performance, indicating higher prices.

"History says Dogecoin is about to record a near +75% gain and more, to and above its current ATH's ($0.73905) before much, much higher," the analyst noted.

Specifically, the analyst set a conservative final target of $3 and over $15 in the best-case scenario.

On a more ambitious note, crypto analyst "Cantonese Cat" set a target of $24, basing their analysis on historical price action.