Data show that users on the main social media platforms have continuously lost interest in Dogecoin and other same recently.
The 6 best same people have recently seen their tendency of social domination
In a new article on X, the Santiment Analysis Society discussed how the attention of social media has recently changed for the various cryptocurrency market segments.
The relevance indicator here is “social domination”, which is based on another metric known as social volume. The “social volume” tells us about the number of discussions that a subject or a given term receives on social networks at the moment.
Metric calculates its value by counting the number of messages present on the main social media platforms which constitute unique mentions of the subject in question.
The reason why the indicator does not just count the mentions themselves is that it can sometimes produce a false image of the situation of the market, as when there is little activity in platforms, but some enthusiasts have messages with a high amount of mentions. By following only the messages themselves, the social volume only exempts when users on social networks participate in talks around the term.
From now on, social domination, the real metric of interest here, measures the percentage of social volume linked to the best 100 parts by market capitalization that any cryptocurrency or group of cryptocurrencies is responsible.
You will find below the graph shared by the analytical company which shows the trend towards the social domination of three groups of digital assets.
In the graph, the three categories listed are: layer 1 TOP 6, layer 2 top 6 and the top 6 of the same. First, the top 6 in layer 1 includes the six largest “layer 1 networks” in the sector. These blockchains are those who manage their own security and are not built on another network. The most important examples include Bitcoin (BTC) and Ethereum (ETH).
The second group, the top 6 in layer 2, includes the parts that are built above one of the layer 1, such as polygon (Matic) and arbitrum (ARB). Finally, the top 6 same is made up of tokens that are based on popular memes, such as Dogecoin (Doge) and Shiba Inu (Shib).
According to the graph, it is obvious that the social domination of the Top 6 in layer 1 recently witnessed strong growth and has crossed the 44%mark, which means that almost half of the discussions related to sector involves one of these assets.
Although the interest in Bitcoin and others have increased, the same noted a drop in discussions. Dogecoin and Company compensate today only 4% of talks on social networks, a significant decrease compared to the peak of 9.2% at the end of December.
The investor speaks of going from Dogecoin to Bitcoin may not be really bad for the market as a whole, however, as Santiment explained:
A change in the attention of parts of the parts even to Bitcoin and the assets of layer 1 is generally the sign of a more stable and durable market environment.
Dogecoin price
At the time of writing the editorial staff, Dogecoin is negotiated at around $ 0.258, down more than 5% compared to last week.