The recent crash in the cryptocurrency market 📉 has caught the attention of many investors, and analytics firm Santiment 🧠 has provided valuable insight into this event. According to the data presented, there was a massive spike in social media mentions of memecoins like Dogecoin 🐕 and Bonk 🐶 just before the crash. Santiment analysts explain that when attention shifts from major projects like Bitcoin and Ethereum to speculative assets, driven by greed 💰, there are often market corrections.
Yesterday, this phenomenon was evident, with a high volume of mentions about memecoins 🚀, which seems to have anticipated the drop seen today. Santiment showed on its charts that when social media conversations about speculative assets increase, market peaks are close 📈.
Bitcoin 🌍, the largest cryptocurrency, has lost 1.5% over the past 24 hours, with the total cryptocurrency market cap down 1.67%. According to CoinMarketCap, the market cap stands at $2.29 trillion, with $1.3 trillion of that being Bitcoin.
This behavior highlights how social trends can influence market movements, and why investors should keep an eye on these signals.