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According to on-chain analytics firm Santiment, major coins are generating the most hype in five months.
Santiment noted that major coins including Dogecoin and Shiba Inu have seen the most discussions since May, marking a five-month high.
This peak of dominance comes as Bitcoin has pulled ahead, briefly reaching $69,000 during Friday’s trading session. Speculators are targeting $70,000 again amid growing demand for digital assets.
As the crowd expects Bitcoin to surpass $70,000 soon, traders are doubling down on highly leveraged speculative coins, causing their trading rates to reach the highest level in five months.
This week saw a significant increase in discussions about meme coins, according to Santiment. This increase in social dominance is also reflected in their prices, with Dogecoin up around 30% per week and Shiba Inu up 8% over the same period. Dogecoin has been on a tear since October 14 for six days.
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This increase comes as profits from Bitcoin are redistributed to altcoins, with meme coins being one of the main beneficiaries.
Different stories about the market
Elsewhere in the crypto market, a different narrative is seen. According to Santiment, the focus on meme coins has led to a notable decline in attention to Layer 2 solutions like Arbitrum (ARB) and Optimism (OP), which are currently overlooked. While speculative coins can certainly still pump a little longer, historical data shows that it could pay off to go where the crowd isn’t looking.
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According to Santiment, the abandonment of major layer 2 blockchains could be a sneaky bullish signal. On the other hand, while meme coins attract attention, Bitcoin and Solana are pushing the boundaries of layer 1 social domination.
As Bitcoin mulls its next move after hitting $69,000, altcoins can continue to grow as long as the FOMO crowd doesn’t get in the way. This is important because crowd FOMO can push the market to a local high. Typically, markets decline when attention shifts from layer 1 blockchains to more speculative assets due to greed.
