Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data

Data shows that social media users are currently prioritizing Bitcoin (BTC) and other top cryptocurrencies over memecoins like Dogecoin (DOGE).

Top Layer 1 Cryptocurrencies Dominate Investor Attention

According to analytics firm Santiment, social media conversations are heavily focused on layer 1 crypto assets. The "Social Dominance" metric, which measures the percentage of social media discussions dedicated to a particular cryptocurrency, shows a significant surge in attention towards layer 1 assets.

The Social Dominance indicator ensures that a small number of highly discussed posts do not skew the results. It captures the overall chatter across various social media platforms.

Currently, the top six layer 1 assets, including Bitcoin, Ethereum (ETH), and Solana (SOL), account for the highest Social Dominance within the sector. This indicates that these cryptocurrencies are the primary topics of discussion among social media users.

Declining Focus on Memecoins

In contrast, memecoins like Dogecoin have experienced a decline in social media attention. The chart provided by Santiment shows that Dogecoin and other top memecoins have received less discussion compared to layer 2 coins like Polygon (MATIC) in recent weeks.

Potential Bullish Implications

While this shift in focus may suggest waning interest in memecoins like Dogecoin, analysts at Santiment believe it could be a positive development for the overall crypto market.

"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)," Santiment explains.

Dogecoin Price Performance

At the time of writing, Dogecoin is trading around $0.129, down over 4% from last week's price.