Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	77,953,707,002	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

77,953,707,002

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-5.09	-2.78%	177.76	177.75	177.76

Price Change

Price Change %

Current Price

Bid Price

Offer

-5.09

-2.78%

177.76

177.75

177.76

High Price	Low Price	Open Price	Prev. Close	52 Week Range
184.72	175.35	182.51	182.85	17.34 - 210.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

184.72

175.35

182.51

182.85

17.34 - 210.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:19:54	0.070000	177.76	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:19:54

0.070000

177.76

USD

Price x Volume	Volume	Base Symbol	Related Pairs
192,068,872.77	1,062,771.86	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

192,068,872.77

1,062,771.86

Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data

30/07/2024 7:00pm

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. Related Reading: Dogecoin Ready For $0.3? Analysts Bullish On DOGE Price Breakout Attempt 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: 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. Related Reading: Minimal Bitcoin On-Chain Resistance Ahead: Price Set For New ATH? “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. Featured image from Dall-E, Santimnet.net, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

SOLUSD Solana