Social Media Focus Shifts from Bitcoin to Memecoins Like Dogecoin
Recently, more people on social media have been talking about meme-based cryptocurrencies, such as Dogecoin, instead of big names like Bitcoin.
According to crypto analytics firm Santiment, there's been a noticeable change in what's getting attention online. They track this using a metric called Social Dominance, which shows how much people are talking about a certain cryptocurrency compared to the top 100 coins.
This is based on Social Volume, which counts how many social media posts mention a specific coin.
Over the past month, interest in Layer 1 and Layer 2 coins—like Bitcoin, Ethereum (Layer 1), and Polygon (Layer 2)—has dropped. But at the same time, attention to memecoins (like Dogecoin) has gone up.
This shift seems to have happened as Bitcoin's recent recovery rally slowed down. Now, some investors may be turning to memecoins, which are riskier but can sometimes bring big gains quickly.
When people start focusing on these more speculative coins, it can be a sign that there's growing greed in the market. Historically, the crypto market tends to do the opposite of what most people expect. So, when there's too much excitement or greed, prices can fall.
That means the current hype around Dogecoin and other memecoins might be a warning sign for the wider crypto market.
Dogecoin Price Update:
At the moment, Dogecoin is priced around $0.178, up over 3% i
n the past week.
