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Dogecoin & Co. Take Over Social Media: Why Memecoin Frenzy Is Bad For Bitcoin
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Dogecoin & Co. Take Over Social Media: Why Memecoin Frenzy Is Bad For Bitcoin

Keshav Verma
Keshav Verma
6 months ago
3 mins read
Dogecoin

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Data shows Dogecoin and other meme coins are receiving a significant amount of attention on social media, a sign that may not be ideal for Bitcoin.

Top 6 Memecoins Have Seen Their Social Dominance Rocket Up Recently

In a new post on X, the analytics firm Santiment has discussed about the trend in the Social Dominance for a few different subsections of the cryptocurrency sector.

The “Social Dominance” here refers to an indicator that basically tells us about the mindshare that a particular asset or a group of coins has on the major social media platforms right now.

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More formally, the metric’s value is calculated as a percentage of the discussions related to the top 100 cryptocurrencies by market cap that the given asset is making up for.

To determine this, the indicator collects posts/threads/messages available on five platforms: X, Reddit, Telegram, 4Chan, and BitcoinTalk. It then filters them for the keyword in question.

Note that for measuring the “discussion,” the metric simply counts up these posts containing at least one mention of the asset, rather than counting up the mentions themselves. The advantage of this methodology is that outlier posts containing hundreds of mentions don’t skew the data.

Now, here is the chart shared by the analytics firm that shows how the Social Dominance related to three subsections of the market has changed over the last few months:

Dogecoin vs Bitcoin Social Dominance
The value of the metric appears to have surged for Dogecoin and other meme coins recently | Source: Santiment on X

The three segments in question are the layer 1 top six, the layer 2 top six, and the memecoin top 6. “Layer 1” networks refer to the primary blockchains that handle their own security, like Bitcoin and Ethereum. Networks like Polygon that are built on top of these chains are known as “layer 2.” Naturally, the meme coins refer to the popular meme-based tokens, like Dogecoin and Shiba Inu.

From the graph, it’s apparent that the Social Dominance of the layer 1 top 6 had rocketed up a couple of days back as a result of Bitcoin setting multiple new all-time highs (ATHs).

BTC has continued to explore new highs since then, but it appears that the focus of social media users has shifted elsewhere, with the Social Dominance of the layer 1 giants witnessing a cooldown.

The indicator has stayed relatively low for the layer 2 coins throughout this, implying the traders haven’t been caring much about them recently. The assets that have hogged all the attention have been the memecoins, who have just seen their discussion hit a new record.

The reason behind this high interest in these tokens is the impressive rally that Dogecoin has seen over the past week, leaving the rest of the sector in the dust after amassing profits of more than 104%. If the past is anything to go by, though, this outperformance may not be such a good thing.

“Historically high speculative asset social dominance typically indicates greed and emotional trading,” notes Santiment. Assets in the cryptocurrency sector tend to move opposite to the crowd’s beliefs, so greed is something that has generally led to tops for the market.

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As such, it’s possible that a shift in focus away from Dogecoin may have to happen, if Bitcoin and others have to continue their bull run.

Dogecoin Price

At the time of writing, Dogecoin is trading around $0.398, up over 2% in the last 24 hours.

Dogecoin Price Chart
The price of the coin appears to have slowed down over the last couple of days | Source: DOGEUSDT on TradingView
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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