Dogecoin and other Memecoins no longer attract social media attention: Santiment

Santiment analytics company has revealed how social media traders recently shifted their attention from Dogecoin and other memecoins to Bitcoin. Dogecoin and other top Memecoins have witnessed a decrease in social dominance In a recent post on X, Santiment has discussed how the cryptocurrency market sentiment on social media has changed in the context of the latest price decline. The relevant index here is Social Dominance, tracking the percentage of discussions on social media related to the top 100 market capitalization coins that a specific asset or group of assets is contributing to right now. This index measures the level of discussion or conversation related to an asset by counting the number of posts that mention that asset. The reason this index does not count the main mentions is because they can provide a distorted picture of the trends being tracked in this field. Only focusing on posts that mean some exceptional posts with hundreds of mentions cannot skew this data, and these figures only record a sudden increase when the discussion spreads on major social media platforms. In the context of the current topic, the social dominance of two types of assets is of interest: Top 6 Tier 1 and Top 6 Memecoins. The former includes the six largest tier 1 networks (i.e., blockchains that process their own security and are not built on another network, such as Bitcoin), and the latter includes the six largest meme-based tokens (like Dogecoin). Below is the chart shared by the company for analysis, showing the social dominance trend of these two cryptocurrencies in the past few weeks:

As shown in the chart, the Social Dominance of the Top 6 Memecoins was high a few weeks ago, implying that social media users are highly interested in Dogecoin, Shiba Inu, and other similar tokens. However, since then, this index has followed a general downward trajectory for this type of asset. It seems that investor attention has shifted to Bitcoin and other top-tier assets, as their combined social dominance has increased during the same period. According to tradition, whenever Dogecoin and other memecoins become the center of attention in the market, it is a sign that investors are becoming greedy. The cryptocurrency market often tends to fluctuate contrary to the expectations of the majority, so it is not surprising that this greedy mentality leads to a downturn in this field. The shift from Social Dominance to safer investments like Bitcoin implies that investors are becoming fearful. It is possible that this sector will continue to decline in the coming days, but at least with a reverse psychology, there is a good chance that the bottom will be reached. DYOR! #Write2Win #Write&Earn $DOGE {spot}(DOGEUSDT)