The post Dogecoin’s Social Dominance Peaks as Memecoin Market Faces Uncertainty appeared on BitcoinEthereumNews.com.

In a remarkable shift in investor sentiment, Dogecoin (DOGE) experienced a meteoric rise in social dominance, reaching its peak on November 13, 2023, following a robust surge in the memecoin sector. Despite this uptick, the memecoin market as a whole saw a decline of 16% since mid-November, contrasting sharply with a 22% growth in the broader altcoin market, underscoring a potential shift in market dynamics. According to a recent analysis by CoinTag, “Dogecoin has maintained its social presence but struggles to convert that into sustained price performance amid a broader altcoin recovery.” This article dives into the recent trends in the memecoin market, particularly focusing on Dogecoin’s rise and subsequent decline in popularity amidst market fluctuations. When Did Dogecoin Begin to Drop in Popularity? Source: Santiment Dogecoin’s social dominance peaked at its highest level in nearly 18 months on November 13, reflecting heightened community engagement. However, post-peak, it has shown a downward trend, mirroring the broader decline seen across the memecoin sector. Analysis indicates that while DOGE was once able to rally alongside Bitcoin (BTC), it has struggled to maintain momentum, especially as BTC reached new all-time highs. Memes Have Gone Backwards, While Altcoins Try to Hold Their Ground Source: TOTAL2 on TradingView The TOTAL2 market cap, which reflects the total market capitalization excluding Bitcoin, retraced to levels not seen since the last week of November following a recent market-wide downturn. Despite the noticeable drop, the overall altcoin market capitalization has since increased by 22%, indicating a potential recovery while the memecoin sector reevaluates its position. Source: CoinMarketCap In stark contrast, the total market capitalization of the memecoins experienced a significant decrease of 16% from November 14, falling from $116 billion to $100 billion currently. This dual scenario of rising altcoin values against declining memecoin valuations highlights the changing priorities…

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Filed under: News - @ December 22, 2024 7:08 am