Cryptocurrency analysis firm Santiment đ§ , in a recent statement, highlighted an event that occurred alongside today's market dip đ.
According to Santimentâs data, there was a massive surge in social media mentions of memecoins like Dogecoin đ and Bonk đ¶ yesterday. Santiment analysts noted that historically, as the crypto community's attention shifts from layer 1 projects to more speculative assets fueled by greed đ°, corrections tend to follow. Yesterdayâs spike in memecoin mentions seems to have contributed to todayâs movement.
A drop in the overall crypto market was observed today đ.
In the chart shared by Santiment, they explained that rising mentions of Tier 1 cryptos đ usually signal a market bottom, while increased chatter about speculative assets like memecoins đ often marks a market peak.
Bitcoin, the worldâs largest cryptocurrency đ, has dropped 1.5% in the last 24 hours. The total cryptocurrency market cap has decreased by 1.67%, closely mirroring BTCâs fall. As per CoinMarketCap, the total market value stands at $2.29 trillion, with Bitcoin making up $1.3 trillion of that đž. #BTCâ #Bitcoinâ #Cryptocurrencies #BinanceSquareFamily #dogeâĄ