Dogecoin was one of the top-performing assets in the cryptocurrency market over the last month, surpassing popular cryptocurrencies such as Bitcoin. CoinGecko data shows that the meme coin’s price surged by over 26%, outperforming BTC which saw a 19% increase in value during May. Yet, the most recent data from on-chain sources indicates that investors have not yet.

Dogecoin was one of the top-performing assets in the cryptocurrency market over the last month, surpassing popular cryptocurrencies such as Bitcoin. In May, the price of the meme coin increased by over 26% according to CoinGecko, surpassing the 19% price increase of BTC. Nevertheless, recent on-chain data indicates that investors are still not optimistic about DOGE despite its strong price performance. The issue at hand is how the consistent negative sentiment will affect the price of Dogecoin. How will the negative sentiment help increase the price of Dogecoin? Ali Martinez, a well-known cryptocurrency expert, recently shared on the X platform that the market sentiment for Dogecoin is currently negative. This discovery within the blockchain is rooted in the weighted sentiment metric, which monitors the general positivity and negativity expressed towards a cryptocurrency. Read on to find out the surprising number of Bitcoin millionaires being made daily. The weighted sentiment indicator is based on two sub-measurements, which are sentiment balance and social volume. Sentiment balance is an indicator that compares positive and negative feelings of investors at any given moment, while social volume measures the amount of discussion or number of posts about a specific asset on social media platforms.