The analytics firm Santiment has revealed how social media traders have shifted their attention from Dogecoin and other memecoins to Bitcoin.
The Social Dominance indicator, which measures the percentage of social media discussions related to the top 100 coins, shows a decline in the dominance of memecoins.
Investor attention has shifted to Bitcoin and other layer 1 assets, leading to an increase in their combined social dominance.
The shift in social dominance indicates a shift from greed to fear among investors, potentially leading to a further decline in the cryptocurrency sector.