Dogecoin has risen by 5% in the past week, but Santiment's data shows that there is still little discussion about the asset on social media.Despite the soaring price, people's interest in Dogecoin is still lowAccording to data from on chain analysis company Santiment, there has not been much discussion on DOGE on social media recently
Dogecoin has risen by 5% in the past week, but Santiment's data shows that there is still little discussion about the asset on social media.
Despite the soaring price, people's interest in Dogecoin is still low
According to data from on chain analysis company Santiment, there has not been much discussion on DOGE on social media recently. The relevant indicator here is "social dominance", which tells us the percentage of the total number of discussions on the social media platform related to the top 100 assets (by market value) involving the theme of Dogecoin.
When the value of this indicator is very high, it means that the negotiations related to DOGE now constitute an important part of the discussion involving the broader Cryptocurrency market. This trend usually indicates a high level of interest among ordinary investors in the asset.
On the other hand, lower value means that social media users have less discussion about memes. Of course, this trend indicates that there is currently no excitement in the market for this token.
Now, the following chart shows the trend of social dominance of Dogecoin in the past few months:
As shown in the figure above, the social dominance of Dogecoin in the past month is quite low. Currently, the value of this indicator is approximately 1.4%, which means that discussions related to DOGE only account for 1.4% of all discussions related to the top 100 assets.
The recent low value of this indicator is particularly noteworthy, as memes have increased by about 5% in the past week or so. It seems that despite this rise, people's interest in Cryptocurrency has not changed in particular.
In the chart, Santiment also attached data for another indicator: "Coin security financing ratio". This indicator tracks the periodic fees exchanged by Dogecoin futures traders on the currency security platform.
From the graph, it can be seen that the indicator has become quite negative recently, which means that a large number of short contracts have piled up. However, soon after, with the recent increase in prices, the indicator turned positive again.
This timing suggests that 'short selling' may help with recent price increases. Short selling refers to the event where short contracts immediately undergo large-scale liquidation and ultimately provide momentum for price increases.
Although this is the biggest bear squeeze in 2023, social media users still seem uninterested in the asset. However, this may not be all a bad thing for Dogecoin, because excessive social media hype usually eventually forms the top form of meme coin.
Nevertheless, the indicator remains at a worrying low level, as the lack of any attention also means that the rally may soon be depleted.
Dogecoin price
As of the time of writing this article, the trading price of Dogecoin was about 0.066 US dollars, up 5% last week.
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