Dogecoin and other meme coins have seen a surge in attention on social media, which may not bode well for Bitcoin. Analytics firm Santiment notes that these coins have gained significant Social Dominance, a metric showing the proportion of discussions on major social media platforms.
The top six memecoins recently witnessed a spike in their Social Dominance, with Dogecoin leading the rally by achieving profits of over 104% in the past week.
Santiment warns that high speculative asset Social Dominance often signals greed and emotional trading, which in turn could lead to market tops.
As Dogecoin's Social Dominance rises, Bitcoin and other major cryptocurrencies could struggle to maintain their bull run if investor focus doesn’t shift back.
At the time of writing, Dogecoin's trading price is around $0.398, marking a 2% increase in the last 24 hours.
