Memecoin Mania Melts Down as Social Dominance Tanks

Memecoin social media mentions have slumped to new lows. Falling social dominance for memecoin is indicative of changing investor preferences. Dogecoin trading activity has dried up. Memecoins like Dogecoin and Shiba Inu have become a major force in cryptocurrency, fostering massive online communities of loyal supporters. These quirky cryptos often thrive on social media hype to drive explosive growth and capture investor dollars. To measure the extent of “social media hype,” market intelligence firm Santiment employs the social dominance metric. This metric gauges “the share of the discussions in crypto media that is referring to a particular asset or

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