Dogecoin & Co. Take Over Social Media: Why Memecoin Frenzy Is Bad For Bitcoin

Quick Summary:

Now, here is the chart shared by the analytics firm that shows how the Social Dominance related to three subsections of the market has changed over the last few months: The three segments in question are the layer 1 top six, the layer 2 top six, and the memecoin top 6.“Layer 1” networks refer to the primary blockchains that handle their own security, like Bitcoin and Ethereum.

If the past is anything to go by, though, this outperformance may not be such a good thing.“Historically high speculative asset social dominance typically indicates greed and emotional trading,” notes Santiment.

Data shows Dogecoin and other meme coins are receiving a significant amount of attention on social media, a sign that may not be ideal for Bitcoin.

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Article Details

Author / Journalist: Keshav Verma

Category: Crypto

Markets: United KingdomIndiaJapan

Topics: Dogecoin Social Dominance Doge Dogecoin Memecoins Bitcoin Memecoin frenzy Dogeusdt Btc

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-15 @ 09:00:02 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 524 words

Reading Time: 3 minutes read

Sentences: 68 lines

Sentence Length: 8 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 23601182

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