The analytics firm Santiment has revealed how social media traders have moved their attention to Bitcoin from Dogecoin and other memecoins recently.
Dogecoin & Other Top Memecoins Have Seen A Decline In Social Dominance
In a new post on X, Santiment has talked about how cryptocurrency market sentiment on social media has changed amid the latest bearish downturn. The indicator of relevance here is the Social Dominance, which keeps track of the percentage of social media discussions related to the top 100 coins by market cap that a particular asset or group of assets is contributing right now.
The indicator measures the degree of discussion or talk related to an asset by counting up the number of posts that are making unique mentions of it. The reason it doesn’t count up the mentions themselves is that they can provide a false picture of the trend being followed in the se#BinanceLabsBacksUsual #ChristmasMarketAnalysis $ctor.