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Dogecoin & Other Memecoins No Longer Grabbing Social Media Attention: Santiment
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Dogecoin & Other Memecoins No Longer Grabbing Social Media Attention: Santiment

Keshav Verma
Keshav Verma
5 months ago
3 mins read
Dogecoin

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The analytics firm Santiment has revealed how social media traders have moved their attention to Bitcoin from Dogecoin and other memecoins recently.

Dogecoin & Other Top Memecoins Have Seen A Decline In Social Dominance

In a new post on X, Santiment has talked about how cryptocurrency market sentiment on social media has changed amid the latest bearish downturn. The indicator of relevance here is the Social Dominance, which keeps track of the percentage of social media discussions related to the top 100 coins by market cap that a particular asset or group of assets is contributing right now.

The indicator measures the degree of discussion or talk related to an asset by counting up the number of posts that are making unique mentions of it. The reason it doesn’t count up the mentions themselves is that they can provide a false picture of the trend being followed in the sector.

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Focusing on just the posts means that a few outlier ones with hundreds of mentions can’t skew the data by themselves and the metric only registers a spike when discussion is spread across the major social media platforms.

In the context of the current topic, the Social Dominance of two asset classes is of interest: the Layer 1 Top 6 and the Memecoin Top 6. The former includes the six largest layer 1 networks (that is, blockchains that handle their own security and aren’t built on top of another network, like Bitcoin) and the latter the six largest meme-based tokens (like Dogecoin).

Below is the chart shared by the analytics firm that shows the trend in the Social Dominance for these two types of cryptocurrencies over the last few weeks:

Bitcoin & Dogecoin Social Dominance
The metric appears to have gone opposite ways for the two groups | Source: Santiment on X

As displayed in the graph, the Social Dominance of the Memecoin Top 6 was high a couple of weeks ago, implying social media users were highly interested in Dogecoin, Shiba Inu, and other such tokens.

Since then, however, the metric has followed an overall downward trajectory for this class of assets. It would appear that investor attention has shifted to Bitcoin and other layer 1 assets, as their combined social dominance has risen during the same period.

Historically, whenever Dogecoin and other memecoins have been at the center of attention in the market, it has been a sign that the investors are becoming greedy.

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XRP Could Be The Altcoin To Recover Quickly, CryptoQuant Analyst Explains Why

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Cryptocurrency markets generally tend to move against the expectations of the majority, so it may not be a surprise that this greedy sentiment was followed by a downturn in the sector.

The shift in Social Dominance to safer investments like Bitcoin would imply the investors are now becoming fearful. It’s possible that the sector would continue to decline in the coming days, but at least with the sentiment seeing a flip, there is more of a chance that a bottom can be reached.

DOGE Price

At the time of writing, Dogecoin is floating around $0.31, down more than 24% over the last seven days.

Dogecoin Price Chart
The price of the memecoin appears to have been consolidating over the last few 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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