The shift away from memecoins like Dogecoin, Shiba Inu, and PEPE has opened the door for renewed focus on major cryptocurrencies such as Bitcoin (BTC), Toncoin (TON), and other Layer-1 (L1) protocols, signaling potential for a market revival.
Following a surge in memecoin popularity in recent weeks, the crypto market appears to be returning its attention to more established digital assets. Data from the on-chain analytics firm Santiment reveals that Layer-1 networks now account for 44.2% of social media discussions about specific coins. This shift has sparked speculation about the onset of a new bull market.
Decline of Memecoin Hype
Santiment highlighted a noticeable drop in discussions surrounding memecoins, such as Dogecoin, Shiba Inu, and PEPE, attributing the decline to recent market volatility. The firm noted that the speculative nature of these coins often leads to short-lived price surges followed by sharp declines.
With the fading memecoin frenzy, the focus has shifted to more foundational assets in the crypto ecosystem, including Bitcoin and Ethereum. These Layer-1 protocols are seen as more secure, innovative, and essential for real-world adoption, which often indicates a maturing market. According to Santiment, such shifts in investor focus typically precede a more stable and balanced market environment, suggesting that the worst of the speculative excesses may have passed.
A Sign of Market Maturity
The firm’s analysis pointed out that the growing interest in Layer-1 coins could indicate a transition from speculative gambling to more sustainable investment strategies. With fewer risky bets on memecoins, some analysts predict a possible end to the altcoin sell-off, setting the stage for a rebound in key assets.
As of now, Bitcoin has seen a modest rise, trading at $97,380.20, up 1.81% in the last 24 hours. Other major altcoins like Ethereum, Toncoin, and Cardano have also seen gains, increasing by 1.44%, 0.56%, and 3.30%, respectively.
Altcoins Under ETF Spotlight
In addition to Bitcoin and Toncoin, altcoins such as Solana, XRP, and Litecoin have garnered increased attention due to the growing push for cryptocurrency spot ETFs. Grayscale’s recent application for a Cardano ETF, along with high approval projections for Litecoin, Dogecoin, and Solana ETFs, signals a growing push for institutional adoption. These ETF developments may pave the way for widespread market recovery and further legitimization of crypto assets.
While it’s uncertain whether a major bull run is imminent, Santiment remains optimistic, suggesting that the market is currently in a healthy cool-down phase, preparing for the next phase of growth.
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