Meme-based coins are the two most popular topics in the industry
According to data provided by Santiment, coins Shiba Inu and Doge have become the two most popular topics in the industry, following a strong rally on both meme-based coins. Shiba Inu’s price increased by 152% in the latest rally, and Doge added up to 25% to its value since yesterday.
The top five trending words on the list are all tied to meme-based coins or tokens, including Floki and “meme” words.
If a word joins the list, it means that the crypto community is interested in the topic and is either discussing it or looking for more information. The first five places on the list are usually the most recognized topics that have been in the public eye for a while.
What’s here for traders?
While the chart does not suggest or signal anything related to the market, traders and investors are able to determine whether or not an asset can face volatility due to great social recognition.
With meme-based tokens like Shib or Doge, the community or retail traders fuel the rally; hence, increasing social recognition will act as an indicator of upcoming volatility on the market.
If more traders join the race for the token or coin, the market will most likely act in accordance with their sentiment. The sentiment of traders and investors can only be determined with additional indicators and metrics.