Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data
Release: 2024/07/31 02:00 Reading: 350
Bitcoin and Top Layer 1 Assets Dominate Social Media Attention
Data from analytics firm Santiment indicates that social media focus has shifted towards top layer 1 cryptocurrencies, leaving memecoins like Dogecoin in the rearview mirror.
Social Dominance: Measuring Discussion Volume
Social Dominance, derived from Social Volume, measures the percentage of social media discussion volume dedicated to a particular cryptocurrency or group of currencies.
Social Volume counts posts, threads, and messages containing a specific keyword, ensuring that a small number of posts with high engagement does not skew the results. During spikes in Social Volume, the topic becomes a significant talking point across social media.
Layer 1 Dominance on the Rise
Social Dominance for the top six layer 1 assets has recently reached its peak in the industry. Layer 1 blockchains are independent networks that handle their own security, unlike layer 2 networks that build upon existing chains.
Examples of prominent layer 1 coins include Bitcoin, Ethereum, and Solana. The recent surge in their discussion dominance on social media marks a shift from earlier in the month, when other sectors captured more attention.
Memecoins and Layer 2 Coins Fade
Earlier in the month, top layer 2 coins like Polygon (MATIC) and meme coins like Dogecoin enjoyed significant social media buzz. However, this has waned, suggesting that investors are currently prioritizing Bitcoin and other top-cap cryptocurrencies.
Focus on Top Caps: A Bullish Sign
According to Santiment, a focus on top caps instead of speculative assets is often a positive indicator for the crypto market as a whole. This suggests caution among investors and a potential for market growth.
Dogecoin Price
As of writing, Dogecoin trades around $0.129, a decline of over 4% in the past week.
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