Bitcoin, top altcoins are ripping attention from memecoins: Santiment

Crypto could be headed into a healthier market cycle as interest in memecoins wanes and attention shifts back to the likes of Bitcoin, Ether and other layer-1 altcoins, according to onchain analytics platform Santiment.

Santiment’s social sentiment tracker shows that top layer-1 blockchains such as Ether (ETH), Solana (SOL), Toncoin (TON) and Cardano (ADA) are dominating 44.2% of discussions among specific coins, while the top six memecoins are only getting 4% of the discussion on social media, the platform said in a Feb. 10 post to X.

The shift in focus away could signify a “more stable and sustainable market environment” because Bitcoin (BTC) and layer 1 networks represent the foundational infrastructure of the crypto space, it said, adding:

“Increased focus on these assets usually reflects a more mature and informed approach by the community, which prioritizes security, innovation, and real-world adoption.”

“Layer-1 blockchains support smart contracts, decentralized applications, and network scalability — key drivers of long-term growth in the industry,” it said.

The tracker also found memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are being talked about “less and less across social media,” with Santiment speculating the drop could be due to recent volatility.

The social sentiment tracker trawls through crypto-specific social media channels such as X and Telegram for the top 10 words that have seen the most significant increase in social media mentions compared to the previous two weeks, according to its methodology.

Santiment said cycles dominated by memecoins typically signal a phase where traders are chasing short-term gains and precede market corrections as hype fades. 

Memecoin activity flourished after the launch of US President Donald Trump’s memecoin, with Pump.fun usage recording an all-time high of $3.3 billion in weekly trading volume.

Millions worth of Bitcoin and Ether on the move 

Meanwhile, in a Feb. 11 update to X, Santiment said 224,410 Ether exited exchanges between Feb. 8 and Feb. 9, the most significant movement of known exchange wallets in a single day in the last two years.

“Though more of a long-term metric, this is a strong sign for Ethereum’s struggling price,” Santiment said, as it signals long-term confidence by investors.

On the other hand, Crypto Dan said in a recent Quicktake market update that 14,000 Bitcoin that had been inactive for the last seven to 10 years moved throughout Feb. 10. 

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“Despite the large volume, these coins have not been transferred to any exchanges, suggesting that they are not intended for immediate sale,” said Crypto Dan, a contributor to the onchain analytics platform CryptoQuant.

“This kind of movement does not necessarily mean that Bitcoin’s price will drop. In the past, similar cases have occurred, but they did not always lead to a price decline.”

However, he did note that the average acquisition price of these coins is relatively low, which could influence the holders’ “future decisions regarding potential sales.”

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