DOGE and APE Memecoins Becoming Sacrifices to FOMO

Blockchain analytics company Santiment has revealed potential reasons for the recent adjustments in Dogecoin and Apecoin. Dogecoin and Apecoin have recently become sacrificial Memecoins due to FOMO. As Santiment explained in a recent post on X, the ratio of positive to negative sentiment for Dogecoin and other memecoins has recently skyrocketed. Now, this is the chart shared by Santiment, showing the trend of four assets over the past few months. Both Dogecoin and Apecoin have seen a surge in positive sentiment and negative sentiment, indicating a significant amount of positive comments related to these currencies on social media. These peaks align with the highest points of DOGE and APE prices. The two other memecoins listed on the chart, GIGA and GOAT, have also exhibited similar patterns. Santiment explains, “Prices are often contrary to public expectations, and buying or selling becomes very predictable when the public is extremely bullish or bearish.” Considering the timing of the recent positive sentiment peaks on this indicator, the fear of missing out (FOMO) may be the reason for the corrections faced by Dogecoin and other currencies. A few days ago, Dogecoin came close to the $0.150 level, but with subsequent adjustments, its price has fallen to $0.136.