Dogecoin and Memecoins See Surge in Social Media Attention
Data indicates that Dogecoin and other meme coins are gaining significant attention on social media, which may not be favorable for Bitcoin.
Top 6 Memecoins Experience Increased Social Dominance
A recent post by analytics firm Santiment discusses trends in Social Dominance across various cryptocurrency sectors.
The term "Social Dominance" refers to the share of discussions about a specific asset or group of coins on major social media platforms. This metric is expressed as a percentage of total discussions related to the top 100 cryptocurrencies by market cap.
To calculate this, the indicator collects posts from five platforms: X, Reddit, Telegram, 4Chan, and BitcoinTalk, filtering for relevant keywords. The method counts posts mentioning the asset rather than tallying individual mentions, preventing outlier posts from distorting the data.
The chart below illustrates changes in Social Dominance among three segments over recent months:
The segments include the layer 1 top six (primary blockchains like Bitcoin and Ethereum), the layer 2 top six (networks built on these chains), and the memecoin top 6 (popular meme-based tokens such as Dogecoin and Shiba Inu).
The graph shows that the Social Dominance of the layer 1 top six surged recently due to Bitcoin reaching multiple new all-time highs (ATHs). Although BTC has continued to rise, social media interest appears to have shifted, leading to a decrease in the Social Dominance of layer 1 coins.
Layer 2 coins have maintained relatively low discussion levels, while memecoins have seen record attention. This surge in interest is attributed to Dogecoin's recent rally, with gains exceeding 104%. However, historical patterns suggest that high speculative social dominance often correlates with greed and emotional trading, potentially signaling a market peak.
If Bitcoin and others aim to sustain their bull run, a shift in focus away from Dogecoin may be necessary.
Dogecoin Price
Currently, Dogecoin is trading around $0.398, reflecting an increase of over 2% in the last 24 hours.
