Cryptocurrency analysis company Santiment, in its statement, drew attention to an event that occurred simultaneously with the decline experienced today.
According to the data released by Santiment, interestingly, yesterday there was a huge increase in the social media mention rates of memecoins such as Dogecoin and Bonk. According to Santiment analysts, when historical data is examined, it is observed that there is a correction as the focus of the crypto community shifts from layer 1 projects to more speculative assets due to greed. Yesterday, with the increased mention rate of memecoins, this metric seems to have shown its effect.
A decline was observed in the overall cryptocurrency market today.
In the chart he shared, Santiment reported that an increase in the mention rate of Tier 1 cryptocurrencies indicates a bottom in the market, while an increase in the mention rate of speculative assets such as memecoins indicates a market peak.
The world's largest cryptocurrency, Bitcoin, has fallen by 1.5% in the last 24 hours. The total cryptocurrency market cap is 1.67%, which is very similar to BTC. The total value of the entire cryptocurrency market is $2.29 trillion, according to CoinMarketCap data. Bitcoin accounts for $1.3 trillion of this.
*This is not investment advice.
