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Social Media Turns Bullish On Dogecoin, Solana As Market Rebounds

Author: Content Editor
The analytics firm Santiment has analyzed the sentiment of traders on social media towards top cryptocurrencies. They use a metric called "Positive/Negative Sentiment" to determine the overall bullish or bearish sentiment related to each coin. According to the analysis, there has been an increase in sentiment for Solana, Dogecoin, and Cardano, indicating improved sentiment towards these assets. Traders are particularly positive towards Solana, with bullish comments outweighing bearish ones by a ratio of 6:1. On the other hand, Bitcoin, Ethereum, and XRP have neutral sentiment, suggesting an equal number of positive and negative posts. Despite this, the article notes that an overly bullish sentiment can lead to market tops, while an extremely bearish sentiment can lead to market bottoms. Therefore, the hype around Dogecoin, Solana, and Cardano may be detrimental to their prices, while Bitcoin, Ethereum, and XRP could still have room for bullish growth. At the time of writing, Dogecoin is trading at around $0.352, up more than 2% in the past week.

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