The recent crash in the cryptocurrency market đ has caught the attention of many investors, and analytics firm Santiment đ§ 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 đ and Bonk đ¶ just before the crash. Santiment analysts explain that when attention shifts from major projects like Bitcoin and Ethereum to speculative assets, driven by greed đ°, there are often market corrections.
Yesterday, this phenomenon was evident, with a high volume of mentions about memecoins đ, 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 đ.
Bitcoin đ, 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.
