2025-02-12 12:30:33 by NewsBTC

Data shows users on the major social media platforms have continuously been losing interest in Dogecoin and other memecoins recently. Top 6 Memecoins Have Seen Their Social Dominance Trend Down Recently In a new post on X, the analytics firm Santiment has discussed about how social media attention has recently shifted for the various cryptocurrency market segments. The indicator of relevance here is the “Social Dominance,” which is based on another metric known as the Social Volume. The “Social Volume” tells us about the amount of discussion that a given topic or term is receiving on social media right now. The metric calculates its value by counting up the number of posts present on the major social media platforms that are making unique mentions of the topic in question. The reason that the indicator doesn’t simply count up the mentions themselves is that doing so can sometimes produce a false picture of the market situation, like when there is little activity overall on the platforms, but a few enthusiasts have some posts up with a high amount of mentions. By only tracking the posts themselves, the Social Volume only spikes when users across social media are participating in talks around the term. Now, the Social Dominance, the actual metric of interest here, measures the percentage of Social Volume related to the top 100 coins by market cap that any given cryptocurrency or group of cryptocurrencies is responsible for. Below is the chart shared by the analytics firm that shows the trend in the Social Dominance for three groups of digital assets. Looks like the memecoins have seen the metric go down in recent days | Source: Santiment on XIn the graph, the three categories listed are: Layer 1 Top 6, Layer 2 Top 6, and Memecoin Top 6. First, the Layer 1 Top 6 includes the six largest ‘layer 1 networks‘ in the sector. Such blockchains are those that handle their own security and aren’t built on top of any other network. The most prominent examples include Bitcoin (BTC) and Ethereum (ETH). The second group, the Layer 2 Top 6, includes the coins that are built on top of one of the layer 1s, like Polygon (MATIC) and Arbitrum (ARB). Finally, the Memecoin Top 6 is made up of the tokens that are based on popular memes, like Dogecoin (DOGE) and Shiba Inu (SHIB). From the chart, it’s apparent that the Social Dominance of the Layer 1 Top 6 has witnessed some sharp growth recently and has broken the 44% mark, meaning that almost half the discussions related to the sector involve one of these assets. While interest in Bitcoin and others has gone up, the memecoins have noted a decline in discussions. Dogecoin and company today make up for just 4% of social media talks, a significant decrease from the 9.2% peak at the end of December. Investor talks moving from Dogecoin to Bitcoin may not actually be bad for the market as a whole, however, as Santiment has explained: A shift in trader attention from meme coins to Bitcoin and Layer 1 assets is generally a sign of a more stable and sustainable market environment. Dogecoin Price At the time of writing, Dogecoin is trading around $0.258, down more than 5% over the last week. The price of the memecoin appears to have been consolidating recently | Source: DOGEUSDT on TradingViewFeatured image from Dall-E, Santiment.net, chart from TradingView.com Keshav Verma Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. 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. Disclaimer: The information found on NewsBTC is for educational purposes only. 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