Over the past week, blue-chip assets like Bitcoin (BTC) and Ethereum (ETH) have become the talk of the crypto space — and rightly so — after a strong week of positive performance. Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have also received significant attention over the past seven days.

According to the latest on-chain data, these assets have topped the social charts over the past few days, with the majority of the crypto community talking about them, especially after their price surges. Here’s how the increased social sentiment could impact the prices of Dogecoin and Shiba Inu.

Can FOMO Sustain Meme Coin's Bullish Momentum?

In a recent post on the X platform, Santiment shared that large-cap meme tokens have been gaining a lot of attention on social media over the past few days. According to the blockchain analytics firm, top meme coins like Dogecoin and Shiba Inu have been the most discussed since May.

This on-chain observation is based on the Santiment Social Dominance metric, which reflects the proportion of discussion in crypto media related to a particular asset or phrase. Santiment said in the X post:

Top meme coins (DOGE, SHIB, etc.) [are] the most discussed since May (community FOMO may peak soon).

Indeed, this positive shift in investor sentiment could signal renewed confidence in the crypto market. However, growing crowd hype is often a warning sign of a possible price peak, as increased FOMO (fear of missing out) can dampen the growing bullish momentum.

Fear of missing out, commonly referred to as FOMO, is a phenomenon where investors rush to buy assets in high demand for fear of missing out on potential gains. While FOMO is known to push a coin’s value higher in the short term, excessive FOMO often leads to unsustainable uptrends and subsequent corrections.

Furthermore, cryptocurrency prices traditionally tend to move in the opposite direction of the crowd, so if the crypto crowd pays a lot of attention to top meme coins, investors may want to approach the market with caution.

Interestingly, Santiment identified top Layer 2 tokens, including Arbitrum and Optimism, as potentially profitable investment options due to their extremely low social dominance. “Speculative coins can certainly still appreciate a bit, but historical data shows that it pays to go where the crowd isn’t looking,” the on-chain company added.

As of this writing, the price of Dogecoin has surpassed $0.14, reflecting a gain of nearly 6% over the past day.