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Data shows social media mentions related to “altseason” have hit a low recently, something that has often been relevant for Dogecoin in the past.
Altseason Social Volume Has Plummeted
In a new post on X, analytics firm Santiment has talked about the latest trend in the Social Volume of “altseason.” The Social Volume refers to an indicator that tracks the weekly total number of posts/messages/threads on the major social media platforms that contain mentions of a given term or topic.
Since Santiment has filtered the metric for altseason here, its value would provide a look into the amount of comments that are discussing the possibility of an altcoin season.
As the below chart shows, this indicator’s value has declined recently, indicating that interest in the altcoin market has gone down.
In the same graph, the analytics firm has also attached the data for the Dogecoin price. Santiment’s reasoning behind doing so is that “‘altseason’ is synonymous with FOMO and greed toward more speculative, emotionally driven assets like $DOGE, meme coins, or hyper-volatile and often mid to lower cap altcoins.” As such, the Social Volume of the term altseason can contain hints about interest around DOGE itself.
Historically, digital asset markets have often tended to be affected by the sentiment among the retail crowd. The relationship between the two, however, has generally been an inverse one, meaning that hype can lead to tops while despair to bottoms.
This same pattern has emerged in this chart as well. It would appear that a high value on the altseason Social Volume has been bearish for Dogecoin during the last two years, while low levels have acted as local bottom signals.
With the recent decline in the altseason Social Volume, its value has dropped to an extreme low. Considering the past pattern, it’s possible that this market disinterest could allow the memecoin to rebound.
It only remains to be seen, however, how Dogecoin and other altcoins will develop in the near future. Santiment has cautioned that the metric isn’t a perfect trading signal, noting that “disinterest in altcoins doesn’t always necessarily justify an imminent alt surge.”
In related news, social media sentiment related to Bitcoin saw a sharp surge just before the asset’s Monday rally to levels near $70,000, as the analytics firm has highlighted in another X post.
While Bitcoin initially rallied, that specific run fizzled out, which could be a potential consequence of it being fueled by retail greed.
DOGE Price
At the time of writing, Dogecoin is floating around $0.093, down 1% in the last seven days.
