Analysts from cryptocurrency analysis company Santiment discussed the market following the Bitcoin rally in their latest report.
With almost the entire cryptocurrency community expecting the Bitcoin price to exceed $70,000, traders are taking risks with high leverage on speculative cryptocurrencies like memecoins, according to analysts. According to analysts, the mention rates of these memecoins on social media platforms have increased to a 5-month high.
However, analysts also touched on an interesting detail. According to the data, layer 2 blockchain altcoins such as Arbitrum and Optimism are ignored by the community and their mention rates have dropped significantly.
Santiment said that while speculative cryptocurrencies like memecoins have a bit more upside potential, historical data shows that it pays to look where the cryptocurrency community generally doesn’t focus much.
According to analysts, community discussion rates for top memecoins like Dogecoin and Shiba Inu have been on the rise since May, while altcoins like Arbitrum (ARB) and Optimism (OP) are being ignored, which could be a hidden bullish sign.
*This is not investment advice.