Crypto Market Shifts Focus: Memecoins Fade as Bitcoin and Layer-1 Altcoins Rise
Crypto Market– The crypto market may be entering a healthier phase as interest in memecoins declines, with attention shifting back to major assets like Bitcoin, Ether, and other layer-1 altcoins, according to data from on-chain analytics platform Santiment.
Memecoins Losing Ground, Layer-1 Assets Gaining Traction
Santiment’s social sentiment tracker reveals that top layer-1 blockchains such as Ether (ETH), Solana (SOL), Toncoin (TON), and Cardano (ADA) are dominating 44.2% of social media discussions related to specific cryptocurrencies. In contrast, the top six memecoins are receiving only 4% of social media mentions. This shift suggests a potential move toward a “more stable and sustainable market environment.”
“Increased focus on these assets usually reflects a more mature and informed approach by the community, which prioritizes security, innovation, and real-world adoption,” Santiment noted in a February 10 post on X.
Why Layer-1 Blockchains Are Important for Long-Term Growth
Santiment emphasized that layer-1 blockchains are the backbone of the crypto ecosystem. These networks support smart contracts, decentralized applications, and network scalability—critical components for long-term growth in the industry. With more attention on these foundational assets, the market may be showing signs of maturity, with a shift toward more reliable and established cryptocurrencies.
Memecoin Hype Fading Amid Volatility
On the other hand, the popularity of memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) has waned. Santiment pointed out that these assets are being discussed “less and less” on social media platforms. The drop in attention could be attributed to recent volatility, as meme-driven market cycles are often short-lived and followed by corrections.
“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,” Santiment explained.
Large Movements of Bitcoin and Ether: What Does It Mean?
In other notable news, Santiment reported significant movements of Ethereum (ETH) and Bitcoin (BTC) over the past few days. On February 11, Santiment revealed that 224,410 Ether were moved off exchanges between February 8 and February 9, marking the most significant movement of known exchange wallets in two years.
While this is primarily a long-term metric, Santiment sees it as a positive indicator for Ethereum’s price stability. “This is a strong sign for Ethereum’s struggling price,” Santiment said, pointing out the long-term confidence investors are showing by moving Ether off exchanges.
In a separate report, CryptoQuant contributor Crypto Dan noted that 14,000 Bitcoin, which had been inactive for 7 to 10 years, were moved on February 10. Although these coins were not sent to exchanges, which suggests they aren’t for immediate sale, Crypto Dan emphasized that this kind of movement doesn’t necessarily indicate a price drop. “In the past, similar cases have occurred, but they did not always lead to a price decline,” he stated.
Is the Market Shifting Towards Stability?
Santiment’s findings suggest that the market is moving toward a more stable and mature phase, with investors focusing on solid, established assets. While the memecoin frenzy may have cooled, layer-1 blockchains like Bitcoin, Ethereum, and Solana continue to capture more attention, reflecting growing confidence in the foundational aspects of the crypto market.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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