The era of dog tokens in crypto looks as if it could be approaching an end, based on the declining levels of social engagement around them.
What Happened: According to data from LunarCRUSH, Shiba-Inu-themed crypto tokens such as Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Floki Inu (CRYPTO: FLOKI) have seen considerable declines in social engagement metrics.
Social engagement is measured by a combination of favorites, likes, comments, replies, retweets, and shares across social media platforms like Twitter Inc (NYSE:TWTR).
On May 9, during the peak of the meme token frenzy, Dogecoin reached an engagement of 1.7 billion and the following day, Shiba Inu hit 122 million.
The price of Dogecoin hit an all-time high ahead of 73 cents during the same week. Shiba Inu too traded at its highest level on May 11, reaching a price of $0.00003503.
Much of the social engagement around DOGE and SHIB can be accredited to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, whose tweets sent the price of these meme-based cryptos soaring within minutes.
Earlier this year, Musk tweeted about naming his Shiba Inu dog FLOKI and unfailingly sent the FLOKI token up by an astounding 3,500%.
Now much of the social interested surrounding these dog-inspired crypto tokens appears to have diminished.
At the time of writing, DOGE’s social engagement was 184 million, down 90% from its highs in May. The price of the meme-based crypto has also consolidated between 20 cents and 30 cents for the better part of the last three months.
Still, DOGE is up by more than 250% in the last six months, while FLOKI is up by 2,600% and SHIB has gained 14,000% over the same period.
Photo by Mattis Ketels on Unsplash.