Dogecoin Leaps 20% In 7 Days: What Is Going On?
Dogecoin Leaps 20% In 7 Days: What Is Going On?Dogecoin DOGE/USD has climbed 20% over the past week, yet trader sentiment remains surprisingly pessimistic. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendDogecoin DOGE/USD $0.3865$57 billion+0.9% +20.6% Shiba Inu SHIB/USD $0.00002406 $14.2 billion+1.4% +11.4% Pepe PEPE/USD $0.00002069$8.7 billion+0.04% +11.7% Trader Notes: Crypto chart analyst Ali Martinez pointed out that Dogecoin's weighted social sentiment is at -0.60, reflecting widespread doubt about its upside potential. Martinez suggests this bearish sentiment might actually make it "a good time to be a contrarian." Trader Tardigrade noted that DOGE has dropped 45% from its recent peak, replicating a pattern from previous market cycles. This, they argue, sets the stage for a strong rally with the potential to hit new all-time highs. Statistics: Coinglass data shows a surge of 33.8% in open interest to $4.01 billion, while liquidations over the past 24 hours totaled $8.5 million, split evenly between long and short positions. Community News: Speculation about an X Payments launch has added fuel to Dogecoin’s momentum. MacRumors contributor Aaron noted in a Jan. 3 post that X could debut its payment system in the U.S., even without approvals from all 50 states. Adding intrigue, a leak cited by Forbes hinted at Musk's "game-changing plan" for Bitcoin and crypto, sparking excitement over whether Dogecoin could play a pivotal role in X Payments. Musk has previously teased Dogecoin’s potential in the platform, suggesting it might help reduce transaction costs and speed. Read Next: Dogecoin, Shiba Inu Redefine Meme Coin Phenomenon That ‘Extends Beyond Mere Speculation’: Report Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.