Dogecoin Social Hype Soars After Musk Post, On-Chain Muted
Elon Musk’s “It’s time” post on X drove Dogecoin social mentions to multi-day highs, yet the price held steady at $0.16.
On-chain metrics remained muted: daily active addresses hovered at 37,700 and transaction volume dipped to $125 million.
Dogecoin futures open interest slid to $690 million despite slightly positive funding rates of 0.16%, indicating cautious trader sentiment. Whale transfers above $1 million were scarce.
Technicals show an RSI near 30, signaling oversold conditions and a potential short-term rebound. However, without new catalysts or broad market support, sustained momentum appears unlikely.
Neutral
The news highlights a sharp rise in Dogecoin social sentiment driven by Elon Musk’s post, but on-chain usage and futures metrics remain subdued. Short-term indicators like an RSI near 30 suggest a possible bounce, yet the lack of fresh catalysts and broad market support points to sideways price action rather than a clear uptrend or downtrend. This balanced mix of potential short-term recovery and lingering skepticism underpins a neutral outlook on Dogecoin’s price.