Dogecoin (DOGE) investors are experiencing a significant drop in optimism, but this might be the perfect opportunity for a massive price surge.

Dogecoin's sentiment has plummeted to its lowest point since early February, mirroring the price drop of the premier memecoin. Currently, DOGE is trading at $0.1578, down 4.08% in the past 24 hours and 4.16% in the trailing 7-day period. This bearish trend is a stark contrast to the 19% growth recorded in the past month.

However, market analyst Ali Martinez believes that this low sentiment could be a springboard for a significant price increase. Martinez notes that in early February, when DOGE sentiment was similarly low, the token experienced a massive 200% surge in the following weeks. If history repeats itself, DOGE could breach its monthly high of $0.2 or more.

The Dogecoin community, known as the Doge Army, plays a significant role in driving the coin's growth. Additionally, DOGE's inclusion in payment systems and Elon Musk's promotions have contributed to its growth. With expectations of DOGE inclusion in the proposed X Payments, many projects believe that the coin is on track for a wilder growth in the long term.

Historically, June has been a bearish month for Dogecoin, with the coin consistently closing lower since 2017. However, there have been two instances where DOGE closed positive in June, with a 29.3% surge in 2015 and a 31.6% surge in 2016.