Is Dogecoin A Topic Of The Past? Social Media Talks At Lowest Since 2020

Is Dogecoin A Topic Of The Past? Social Media Talks At Lowest Since 2020
фото показано с : bitcoinist.com

2023-9-28 21:00

Data shows the social dominance of Dogecoin has dropped to the lowest value since 2020, implying that interest in the meme coin has disappeared.

Dogecoin And Other Meme Coins Have Seen Declining Interest Recently

According to data from the on-chain analytics firm Santiment, meme coins have been occupying a smaller part of the trader interest in the cryptocurrency sector recently.

The relevant indicator here is “social dominance,” but to understand it, the social volume, a metric that it’s based on, must be looked at first. The “social volume” is basically a measure of the amount of discussion around a given coin that users on the major social media platforms are participating in.

The metric calculates this value by going through a collection of text-based data (assembled by Santiment) to see the total number of unique posts/threads/messages that are making mentions of the asset in question.

The reason behind counting unique posts and not simply mentioning them is that the latter can provide an inaccurate representation of the trend being followed throughout social media.

For example, if a single thread contains 100 mentions of the coin, but the rest of social media is barely talking about the topic, then the asset isn’t actually that popular right now as the discussion is really just limited to a single post, but in terms of the pure number of mentions, it may not seem so.

Now, coming back to “social dominance“, this metric tells us how the social volume of a given asset compares with that of the top 100 coins by market cap in the sector.

Here is a chart that shows how the social dominances of Dogecoin, Shiba Inu, Pepe, and Dogelon Mars have changed over the past year:

As displayed in the above graph, the social dominance of all these meme coins has declined in the last few months as their prices have struggled. These coins are now occupying a smaller portion of the overall discussions related to cryptocurrencies, suggesting that investors are paying less attention to them.

Dogecoin’s fall has been especially notable, as the indicator’s value has now plunged to around 0.87%, which is the lowest level that the original memecoin has observed since 2020. What this value signifies is that 0.87% of all talks around the top 100 assets are being contributed by discussions related to DOGE.

Shiba Inu, the second largest meme coin in the sector, is currently occupying even lesser mind share, as the social dominance for the asset is floating around 0.55%.

Interestingly, while interest in Pepe had earlier also declined in a way similar to its predecessors, the coin’s social dominance has seen some revival recently, thanks to the strong 16% surge that it has registered in the past week.

Historically, high social dominance hasn’t always been the best news for rallies, as excessive hype can backfire for the market and result in top formations.

For Dogecoin, though, as there is relatively little attention around it, the memecoin can potentially start a move right now and quietly keep it up, before eyes turn back at it again.

DOGE Price

So far, Dogecoin has shown so signs of a recovery attempt, as the memecoin has been endlessly moving sideways recently.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Memetic / PepeCoin (MEME) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0271928
Капитализация $0 Rank 99999
Цена в час новости $ 0.0068559 (-100%)

meme interest dogecoin data 2020 coins social

meme interest → Результатов: 52


Фото:

AI TalentGPT (AITGPT) Emerges as Dominant Utility Token Amidst Meme vs Utility Token War

In a fierce battle between meme and utility tokens, AI TalentGPT  (AITGPT) has emerged as the frontrunner, captivating the attention of many and diverting their interest from meme tokens. The recent first-dat price dumping incidents involving AI DOGE and Big Eyes have triggered a shift in the asset landscape, with users seeking the stability and […]

2023-6-29 15:09


Dogecoin Price Jumps By 23% – Meme Coin Hype Back In Full Swing?

Dogecoin (DOGE) has recently experienced a rollercoaster ride. For over a week, its price struggled to break through the $0. 063 resistance level, leaving investors uncertain about its future.   However, there is a glimmer of hope as DOGE has managed to rebound from the support trendline of a channel pattern, sparking renewed interest and increasing accumulation pressure among investors.

2023-6-22 10:03


Фото:

Dogecoin surge rolls back the years, but it won’t last long

Key Takeaways Dogecoin’s price surged 30% off the back of Elon Musk changing the Twitter logo to the Dogecoin dog Meme season may be over, however, our Analyst writes Open interest surged to its highest level since November Musk is unfazed by a $258 million lawsuit accusing him of racketeering by pumping and dumping the […] The post Dogecoin surge rolls back the years, but it won’t last long appeared first on CoinJournal.

2023-4-5 14:31


Фото:

Snowfall Protocol (SNW) The Next Best Thing – Could DOGE Recover as Polkadot (DOT) Up 50%?

The golden child of the meme coins era in 2021, Dogecoin’s native token, DOGE, rose by a staggering 14,500+% within the year. The frenzy around the token was largely driven by intense speculation and heavy interest in digital assets, which was subsequently rolled over to the following year—the surge amidst mainstream adoption and celebrity interest, […]

2023-1-28 00:51


CryptoSlate Wrapped Daily: Bitcoin volatility lower than Dow with another Fed rate hike of 75 basis points looming

The biggest news in the cryptoverse for October 21 includes the likelihood of the Federal Reserve increasing the interest rates by another 75 basis points in early November, the emergence and price surge of two new meme coins created out of a joke from Vitalik Buterin, and Circle and Axelar’s new protocol seamlessly allowing USDC […] The post CryptoSlate Wrapped Daily: Bitcoin volatility lower than Dow with another Fed rate hike of 75 basis points looming appeared first on CryptoSlate.

2022-10-22 23:47