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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Dogecoin Up 5%, But Social Media Talk Remains Low: Santiment

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Dogecoin

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Dogecoin is up 5% during the past week, but data from Santiment reveals that social media talk around the asset still continues to be low.

Interest In Dogecoin Remains Low Despite Surge In Price

According to data from the on-chain analytics firm Santiment, there haven’t been many discussions around DOGE on social media recently. The relevant indicator here is “social dominance,” which tells us about the percentage of the total discussions happening on social media platforms related to the top 100 assets (by market cap) that involve the topic of Dogecoin.

When the value of this metric is high, it means that the DOGE-related talks currently make up a significant part of the discussions involving the wider cryptocurrency market. Such a trend is usually a sign that the interest in the asset is high among the general investor.

On the other hand, low values imply that social media users aren’t talking that much about the meme coin. Naturally, this kind of trend suggests that there is no excitement around the coin in the market at the moment.

Now, here is a chart that shows the trend in Dogecoin’s social dominance over the last few months:

Dogecoin Social Dominance

Looks like the value of the metric has been relatively low in recent days | Source: Santiment on Twitter

As displayed in the above graph, the Dogecoin social dominance has been quite low during the past month. Currently, the indicator’s value is around 1.4%, which means that DOGE-related discussions make up for just 1.4% of all talks related to the top 100 assets.

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These recent low values of the metric are particularly notable as the meme coin has observed an increase of about 5% during the last week or so. It would appear that despite this rise, interest in the cryptocurrency hasn’t particularly shifted one way or the other.

In the chart, Santiment has also attached the data for another indicator: the “Binance funding rate.” This metric keeps track of the periodic fee that Dogecoin futures traders are exchanging with each other on the Binance platform.

From the graph, it’s visible that this indicator became quite negative a while back, implying that a large number of short contracts piled up. Before long, however, the metric turned back positive as the price observed its latest rally.

This timing would suggest that a “short squeeze” might have helped with the recent price growth. A short squeeze is an event where a mass liquidation of short contracts takes place at once and ends up providing fuel for an upward price move.

Even though this was the largest short squeeze of 2023, it would appear that social media users have remained uninterested in the asset. This may not be all bad for Dogecoin, though, as excessive social media hype usually ends up in a top formation for the meme coin.

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Nonetheless, the indicator still staying as low as it has can be concerning, as a lack of any attention also means that the rally may run out of fuel before too long.

DOGE Price

At the time of writing, Dogecoin is trading around $0.066, up 5% in the last week.

Dogecoin Price Chart

DOGE has seen some rise recently | Source: DOGEUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, Santiment.net
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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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