Cryptocurrency analysis company Santiment noted a significant increase in mentions of memecoins such as Dogecoin and Bonk on social media. This event coincided with the market decline observed today.

Introduction to Santiment Research

Santiment, a cryptocurrency analysis company, pointed out an event that occurred simultaneously with the market decline. According to Santiment data, there was a significant increase in the social media mentions of memecoins yesterday. According to Santiment analysts, when the crypto community's focus shifts from layer 1 projects to more speculative assets due to greed, a correction is observed.

Rise of Interest in Memecoins

According to Santiment's data, with the increased mention rate of memecoins, this metric seems to have shown its effect on the market. In the shared chart, it is reported that an increase in the mention rate of Tier 1 cryptocurrencies indicates a market bottom, while an increase in the mention rate of speculative assets, such as memecoins, indicates a market peak.

Current State of the Cryptocurrency Market

A decline was observed in the overall cryptocurrency market today. The world's largest cryptocurrency, Bitcoin, has fallen by 1.5% in the last 24 hours. The total cryptocurrency market cap is down by 1.67%, similar to BTC. According to CoinMarketCap data, the total value of the entire cryptocurrency market is $2.29 trillion, with Bitcoin accounting for $1.3 trillion of this.

Santiment's research highlights the importance of observing shifts in interest across different segments of the crypto market to understand its current and future trends.