Data suggests that social media attention has recently moved from Bitcoin and other major assets to meme-based tokens such as Dogecoin.
Dogecoin and other top monuments have seen a surge in social dominance
In a new insight post, the chain analysis company Santiment talks about how social dominance in different aspects of the industry has changed recently. “Social dominance” here refers to an indicator based on another indicator called social quantity.
Social Quantity measures the total amount of discussions on topics or tenures obtained on major social media platforms. In terms of at least the number of posts that include the topic, it does so.
Now, social advantage, the actual indicators of correlation in the current discussion tell us how much the social volume related to market capitalization is related to market capitalization, and any asset occupied by any given asset or asset group.
Here is a chart of metrics shared by companies that show value trends in three main aspects over the past month:
Looks like two of the groups have seen the metric go down in recent days | Source: Santiment
As shown in the above picture, the first 6 layers of the 1st and 2nd floors have observed a sharp decline in their social advantages, meaning investors have started talking about them the number of times.
“Layer 1” networks are those that are not the main blockchains built on anything else, such as Bitcoin and Ethereum. A network that relies on another (such as a polygon) is called “layer 2”.
Although social media interest related to these types of six largest cryptocurrencies has recently decreased, the third group has risen: Memecoin top 6.
As the recovery rally stagnates Bitcoin and other coins, a shift in focus on Dogecoin and Company has arrived. This trend may suggest that investors may now be looking for more speculative assets in the industry.
In other words, Memecoin’s top 6 social dominance jumped, while Tier 1 and Tier 2 assets lost their way of thinking, which could be a sign of greed in the market.
Historically, the cryptocurrency market tends to move in the opposite direction of what most people expect. This means that when there is fear among investors, the bottom may be possible, and the presence of greed may lead to the highest.
From this perspective, the current focus on Dogecoin and other adults may be bad news for the entire digital asset space.
Door price
At the time of writing, Dogecoin has floated about $0.178, up more than 3% over the past seven days.
The trend in the Dogecoin price during the past five days | Source: DOGEUSDT on TradingView
Featured images from dall-e, santiment.net, charts from tradingview.com
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