Crypto Chatter About "Buying The Dip" Hits an 8-Month High According to Santiment

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Proportion of Social Posts Reaches Highest Level Since April

According to recent data from crypto analysis firm Santiment, the proportion of social posts about buying the crypto dip has surged to its highest level since April. This comes as Bitcoin fell below the psychological $100,000 price level.

Bitcoin’s Price Drop Below $100,000

With Bitcoin falling as low as $95.5K today, the ratio of crypto discussions that are about buying crypto’s dip has reached its highest level in over 8 months. The social dominance score — mentions of ‘buying the dip’ across social media platforms — hit 0.061 on Dec. 19, as Bitcoin (BTC) remained below $100,000 for about 12 hours at the time of publication.

Highest Social Dominance Score in 8 Months

The social dominance score was the highest since April 12, when Bitcoin’s price dropped below the $70,000 mark to just above $67,000, before falling to about $63,000 the following day. It almost retested this score on Aug. 4, when Bitcoin dropped below $60,000 and slid toward $53,000 within the following 24 hours.

Mentions of ‘Buying the Dip’ Across Social Media Platforms

Santiment data shows that mentions of ‘buying the dip’ across social media platforms have increased significantly over the past few days.
The chart below illustrates the trend:

Mentions of ‘Buying the Dip’ Across Social Media Platforms

| Date | Mentions |
|————|———-|
| Dec 19 | 0.061 |
| Aug 4 | 0.058 |
| Apr 12 | 0.062 |
| … | … |


**Search Interest for Crypto Remains High**
--------------------------------------

Despite the recent price fluctuations, data shows that search interest for the term 'crypto' remains high but has dropped since the start of December.

*   According to Google Trends data from the past 12 months, global searches for 'crypto' are at a score of 75 over the past seven days, down 25 points from a score of 100 at the beginning of December.
*   The chart below illustrates the trend:

    ```markdown
Global Searches for 'Crypto'

| Date       | Score |
|------------|-------|
| Dec 1-7    | 100   |
| ...        | ...   |

Market Volatility Ahead

Capriole Fund founder and analyst Charles Edwards said in a Dec. 19 Xpost that market participants should brace for volatility in both directions, as it won’t take much to move the markets either way.

Edwards also mentioned that the odds are ‘decent’ that the market could become so bearish in the short term that it flips, triggering a potential short squeeze.

Real-World Use Cases for Memecoins

Some investors may wonder what to do with memecoins, which have garnered significant attention on social media. Here are five real-world use cases:

Speculation: Some investors purchase memecoins in anticipation of price increases due to increased hype or speculation.
Collectibility: Memecoins can be seen as collectibles, similar to rare art pieces or other unique items.
Investment: Investors may view memecoins as a high-risk, high-reward investment opportunity.
Social Media Campaigns: Companies can utilize memecoins to create buzz and engage with their audience on social media platforms.
Art and Entertainment: Memecoins can be used as a form of digital art or entertainment.

This article is for general information purposes only and should not be considered as investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.