Memecoin Social Dominance Declines as Interest Shifts to Bitcoin
Recent data indicates a decline in social media interest for Dogecoin and other memecoins.
Social Dominance Trends of Memecoins
- Analytics firm Santiment reports a decrease in social media attention for the top 6 memecoins.
- The metric used is "Social Dominance," derived from "Social Volume," which measures discussions on major platforms.
- Social Volume counts unique posts, providing a clearer picture of market interest.
- Social Dominance reflects the percentage of discussions about specific cryptocurrencies relative to the top 100 coins by market cap.
- Memecoins currently account for 4% of social media discussions, down from 9.2% in December.
- Layer 1 networks have gained attention, reaching over 44% of discussions, indicating increased focus on stable assets like Bitcoin and Ethereum.
A shift from memecoins to Layer 1 assets suggests a more stable market environment.
Current Dogecoin Price
Dogecoin is trading at approximately $0.258, down over 5% in the past week.