Cryptocurrency analysis company Santiment drew attention to an event that occurred simultaneously with the decline experienced today.

According to the data announced by Santiment, interestingly, there was a huge increase in the social media mention rates of memecoins such as Dogecoin and Bonk yesterday. According to Santiment analysts, when historical data is examined, it is observed that there was a correction as the focus of the cryptocurrency community shifted from layer 1 projects to more speculative assets due to greed. This metric seems to have shown its effect with the increasing mention rate of memecoins yesterday.

A decline was observed in the cryptocurrency market in general today.

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Santiment reported in the chart it shared that the increase in the mention rate of layer 1 cryptocurrencies indicates a bottom in the market, while the increase in the mention rate of speculative assets such as memecoins indicates a market peak.

Bitcoin, the world's largest cryptocurrency, decreased by 1.5% in the last 24 hours. In terms of total cryptocurrency market value, losses were recorded as 1.67%, very similar to BTC. The total value of the entire cryptocurrency market is at $2.29 trillion, according to CoinMarketCap data. Bitcoin accounts for $1.3 trillion of this.

*Not investment advice.