- Top memecoins are competing for the spotlight on social media.
- DOGE, SHIB, and PEPE enter crypto market correction, but for how long?
- Competition escalates with BONK, FLOKI contesting the big dogs.
The largest market capitalization memecoins are again in an intense battle for attention. The blockchain social data platform LunarCrush reported increased memecurrency-related social activity on December 12, 2023, with three coins heavily dominating the social grassland.
PEPE has witnessed a rapid surge in socially-driven engagements, rising to nearly 69 million daily. Dogecoin (DOGE) and Shiba Inu (SHIB) are also enjoying an uproar in social activity, collecting 49.8 million and 85.2 million mentions, respectively.
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Nearly 24,000 posts regarding SHIB were penned across Telegram, X, Reddit, and other crypto-friendly social platforms on December 12, 2023. Dogecoin is slightly below this, with 22,300 posts across social platforms. The social dominance metric tells us how these social mentions look in the broader picture.
Even though Shiba Inu outpaced its older brother, DOGE is currently the only memecoin in the crypto sphere taking up more than 1% in social dominance. At 1.42%, Dogecoin is the center of the talk even amid mundane DOGE price movement.
Shiba Inu is approaching the same โshare of voiceโ levels, currently at 0.88%. Finally, PEPE is nearing 0.50% but performs inconsistently, giving way to smaller-cap memecoins like Floki (FLOKI) and BONK (BONK).
How Much Does It Reflect on Crypto Prices?
Another key aspect of the social activity analysis is the effect on the memecurrency prices. Notably, all three aforementioned tokens embarked on a similar double-digit bull run in the last 30 days before falling into the market correction phase.
Shiba Inu, leading by both social interactions and unique posts, momentarily scorched to the three-month high of $0.00001049 on December 11, but a day later, SHIB was sent back to battle the pivotal resistance at $0.00000950.
Dogecoin took off to top $0.10 on the tenth anniversary of its creation. Historically unfavorable, the celebration on December 6 bore fruit for Dogecoin both in a new yearly high of $0.1046 and towering social activity, as Dogecoin holders shared greeting messages for DOGE or boasted about their increased earnings on social media.
Pepeโs three-month high of $0.00000170 on December 9 came amid Binanceโs promotional campaign on loans, which sparked the crypto communityโs enthusiasm. A newcomer, PEPE is still to achieve a strong foundation in social dominance, and the price fluctuates accordingly.
Since its three-month high, PEPE slid down by 11.1% and dropped out of the TOP 100 by global market cap. At press time, Pepe trades at $0.00000138, according to CoinGecko. While the brawl for the publicโs most loved memecoin continues, these three tokens will likely face strong competition from smaller competitors.
On the Flipside
- Smaller market cap memecoins like Floki (FLOKI) and Bonk (BONK) are throwing down the gauntlet to Pepe (PEPE).
- Bonk has taken up 0.67% of the socials due to free airdrops inside the Solana crypto community.
Why This Matters
Social metrics often determine the cryptocurrency investorsโ sentiment concerning the coin.
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