Cryptocurrency analysis firm Santiment 🧠, in a recent statement, highlighted an event that occurred alongside today's market dip 📉.

According to Santiment’s data, there was a massive surge in social media mentions of memecoins like Dogecoin 🐕 and Bonk 🐶 yesterday. Santiment analysts noted that historically, as the crypto community's attention shifts from layer 1 projects to more speculative assets fueled by greed 💰, corrections tend to follow. Yesterday’s spike in memecoin mentions seems to have contributed to today’s movement.

A drop in the overall crypto market was observed today 📊.

In the chart shared by Santiment, they explained that rising mentions of Tier 1 cryptos 📈 usually signal a market bottom, while increased chatter about speculative assets like memecoins 🚀 often marks a market peak.

Bitcoin, the world’s largest cryptocurrency 🌍, has dropped 1.5% in the last 24 hours. The total cryptocurrency market cap has decreased by 1.67%, closely mirroring BTC’s fall. As per CoinMarketCap, the total market value stands at $2.29 trillion, with Bitcoin making up $1.3 trillion of that 💸. #BTC☀ #Bitcoin❗ #Cryptocurrencies #BinanceSquareFamily #doge⚡