The data show that the attention of social media has recently made Bitcoin and other major assets to memed tokens like Dogecoin.
Dogecoin and other best even have seen a peak of social domination
In a new article on Insight, the Santiment Channel Analysis Society spoke of how social domination has recently changed for the different sides of the sector. “Social domination” here refers to an indicator based on another metric known as social volume.
Social volume measures the total quantity of discussions that a given subject or term receives on the main social media platforms. He does so in terms of number of messages containing at least one mention of the subject.
Now, social domination, the real metric of relevance in the current discussion, tells us which percentage of the social volume linked to the 100 best cryptocurrencies by market capitalization that any active ingredient or group of assets given occupies.
Here is the table of the indicator shared by the analytical company which shows the trend in its value for three main sides of the sector in the last month:
Looks like two of the groups have seen the metric go down in recent days | Source: Santiment
As displayed in the above graph, layer 1 and the top 6 of layer 2 have both observed a sharp drop in their social domination, which implies that investors have started to talk about the least.
The “layer 1” networks are those which are the main blockchains not built on others, such as Bitcoin and Ethereum. Networks that depend on another, like polygon, are called “layer 2.”
While the interest of social media linked to the six largest cryptocurrencies of these types has recently decreased, it increased for the third group: the top 6 same.
This change in focusing towards Dogecoin and the company came while the recovery rally blocked Bitcoin and other parts. This trend could indicate that investors could now seek to play on more speculative assets in the sector.
In other words, the fact that the social domination of the top 6 of the same has jumped while the active ingredients in layer 1 and layer 2 lost Mindshare could be a sign of greed on the market.
Historically, the cryptocurrency market has tended to move in the direction which goes against the expectations of the majority. This means that when there is afraid of investors, a background may be likely, while the presence of greed can lead to a summit.
From this point of view, Dogecoin and other same that attracts attention at the moment could prove to be bad news for the sector of digital assets as a whole.
Mediating prices
At the time of writing the editorial staff, Dogecoin floats around $ 0.178, up more than 3% in the last seven days.
The trend in the Dogecoin price during the past five days | Source: DOGEUSDT on TradingView
Dall-e star image, Santiment.net, TradingView.com graphic
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