Santiment, an on chain analysis platform, shows that Dogecoin is reflecting Ethereum because the social emotions on these coins are "almost non-existent".

Dogecoin currently has a bearish appearance, with a psychological level of $0.30 and a risk of losing $0.20. Doge's social sentiment mirrors the decline of Ethereum, further enhancing the bearish outlook, which has also suffered a significant price collapse.

Dogecoin sees Ethereum as a social emotional tank

In the X post, the blockchain analysis platform Santiment stated that Dogecoin mirrors Ethereum as a social emotion that is "almost non-existent" on these coins. This means that people lack significant interest in Dogecoin, Dogecoin, and Ethereum, and investors choose to discuss other coins.

In this regard, Santiment revealed that Bitcoin has been discussed as a cryptocurrency on these social media platforms. Meanwhile, compared to usual, Cardano has also witnessed significant growth. On the other hand, dogs and Ethereum are basically non-existent in these encryption discussions.

Doge's social mood declines | Source: Conducted on X

This development provides a bearish outlook for Dogecoin and suggests the possibility of further decline. It is worth mentioning that the most important meme coin was one of the coins that hit the hardest in the market downturn, losing a psychological level of $0.3. This indicates that negative social emotions have also transformed into a lack of buyers in the threshold ecosystem to help defend certain levels of support.

In addition to the collapse of social emotions, the blockchain indicator also drew bearish photos for Dogecoin and hinted at a possible price collapse brewing. The intotheblock data indicates that the balance of the Hoddle people has decreased. These investors have been investing in meme coins for a year. Therefore, long-term holders seem to be losing confidence in Dogecoin, which could trigger a wave of selling and lead to a massive collapse of the most important meme coin.

Doge is still in a 'global' bull market

Despite the recent downward trend in Dogecoin, crypto analyst Krisspax has assured market participants that the most important meme coin is still in the entire bull market. He pointed out that in the past year and a half, every falling wedge has led to Doge's upward trend breaking through. Therefore, despite the recent pullback caused by inflation, lower tax rates, and Trump's tariffs, this crypto analyst's outlook on Dogecoin will ultimately turn around and be even higher.

Crypto analyst trader Tardigrade also provided a bullish outlook and pointed out the upcoming price increase. He pointed out that Doge's bullish wedge is about to break through. The crypto analyst added that meme coins typically form large drop wedges before being pumped. The accompanying chart indicates that when Doge bursts into upward space, it can ultimately attract it to the highly anticipated $1 level.

At the time of writing, the Dogecoin price was trading at around $0.25, a decrease of nearly 5% in the past 24 hours. The data comes from CoinMarketCap.