Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data

Source Newsbtc

Data shows social media users are currently not paying much attention to memecoins like Dogecoin (DOGE) as compared to Bitcoin (BTC) and other top caps.

Bitcoin & Other Layer 1 Top Caps Getting All The Investor Focus Right Now

According to data from the analytics firm Santiment, social media users are showing increased focus on the top layer 1 assets as compared to memecoin and other sectors. The indicator of relevance here is the “Social Dominance,” which is based on another metric called the Social Volume.

The Social Volume basically tells us about the amount of discussion that any given topic or term is receiving on the major social media platforms. The indicator makes this measurement by counting up all posts/threads/messages that make at least one mention of the keyword.

The reason that the indicator doesn’t simply count up the mentions themselves is so that just a few posts with a large amount of mentions can’t skew the value by themselves. When the Social Volume spikes, it means the users across social media are talking about the term and not just niche circles.

Now, the Social Dominance, the actual indicator of interest here, keeps track of the percentage of the combined Social Volume of the top 100 cryptocurrencies by market cap that a given coin or group of coins is occupying right now.

Below is the chart shared by the analytics firm that shows the trend in the Social Dominance for four segments of the sector over the past month:

Bitcoin Vs Dogecoin Social Dominance

As displayed in the graph, the Social Dominance of the top 6 layer 1 assets has recently been the highest in the sector. “Layer 1” networks refer to those blockchains that handle their own security and aren’t built on top of another network. The networks that are built on these primary chains are titled Layer 2.

Some of the top layer 1 coins are Bitcoin, Ethereum (ETH), and Solana (SOL). While these layer 1 coins are enjoying a high dominance of discussions in the sector now, this wasn’t the case just earlier in the month.

Back then, the other segments of the sector had been getting the focus instead. From the chart, it’s visible that the top layer 2 coins, like Polygon (MATIC) and the top meme coins, like Dogecoin, have been receiving notable talk on social media.

While this does mean that investors aren’t interested in assets like Dogecoin right now, the fact that the focus is on Bitcoin and other top caps could actually be a bullish development for the sector as a whole.

“Crypto’s consistent rises occur most often when there is a focus on top caps (a sign of caution) rather than more speculative assets (a sign of greed),” explains Santiment.

Dogecoin Price

At the time of writing, Dogecoin is trading around $0.129, down more than 4% over the past week.

Dogecoin Price Chart
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD drifts toward $4.300 with bears gaining tractionGold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
Author  FXStreet
7 hours ago
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and drifts lower, approaching the $4,300 area as the US Dollar Index (DXY) rallies further amid high US Treasury yields.
placeholder
Bitcoin Cash Surges 30% in Single Day as Catch-Up Rally Explodes, Far Outpacing BTCBitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceedin
Author  TradingKey
8 hours ago
Bitcoin Cash launches catch-up rally, surging 30% in a single day and approaching the $350 mark.On September 23, Bitcoin Cash (BCH) experienced a surge, soaring 30% intraday, far exceedin
placeholder
Memory chips surge, Nasdaq notches a second straight record close — why the Dow fell 185 points anywayMicron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
Author  Irene Q.
10 hours ago
Micron gained 5%, SanDisk 6.8%, Seagate 4% and Western Digital 3% as the memory complex led the Nasdaq Composite to a second consecutive record close of 27,244.28. But the Dow fell 185 points as JPMorgan, Wells Fargo and Schwab slid more than 3% each — a split tape that says more about positioning than about the economy.
placeholder
October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changedRate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
Author  Irene Q.
11 hours ago
Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.
placeholder
US Special Envoy Witkoff says mediators completed round of US-Iran talksUnited States (US) Special Envoy to the Middle East, Steve Witkoff, said the US held "lengthy" indirect talks with the Iranian delegation via mediators on the sidelines of the United Nations General Assembly (UNGA), Reuters reported on Tuesday.
Author  FXStreet
15 hours ago
United States (US) Special Envoy to the Middle East, Steve Witkoff, said the US held "lengthy" indirect talks with the Iranian delegation via mediators on the sidelines of the United Nations General Assembly (UNGA), Reuters reported on Tuesday.
goTop
quote