Major Cryptocurrencies Gain Attention From Memecoins
The crypto market may be entering a more robust phase as enthusiasm for memecoins declines, shifting focus back to Bitcoin, Ethereum, and other layer-1 altcoins, according to the onchain analytics firm Santiment.
Data from Santiment’s social sentiment tracker reveals that major layer-1 blockchains like Solana, Cardano and Toncoin account for 44.2% of coin-related discussions, while the top six memecoins make up just 4% of social media chatter, the platform reported in a Feb. 10 post on X.
This change in interest could point to a “more stable and sustainable market environment,” as Bitcoin and layer-1 networks form the backbone of the crypto ecosystem. Santiment noted:
“Increased focus on these assets usually reflects a more mature and informed approach by the community, which prioritizes security, innovation, and real-world adoption.”
It also highlighted:
“Layer-1 blockchains support smart contracts, decentralized applications, and network scalability — key drivers of long-term growth in the industry.”
The tracker also observed a decline in discussions about memecoins like Dogecoin, Shiba Inu, and Pepe, speculating that this drop might be linked to recent market volatility.
Santiment’s sentiment tracker scans crypto-centric social platforms like X and Telegram, identifying the top 10 words with the most significant growth in mentions over the past two weeks, based on its tracking methodology.
The firm noted that memecoin-driven cycles often indicate periods where traders pursue quick profits, usually followed by market corrections as the initial excitement fades.
Memecoin activity surged after the launch of a coin linked to US President Donald Trump, with Pump.fun reaching a record $3.3 billion in weekly trading volume.
In a Feb. 11 update on X, Santiment reported that 224,410 Ether were withdrawn from exchanges between Feb. 8 and Feb. 9—the largest known exchange wallet outflow in a single day over the past two years.
“Though more of a long-term metric, this is a strong sign for Ethereum's struggling price,” Santiment commented, suggesting it reflects long-term investor confidence.
Meanwhile, Crypto Dan shared in a Quicktake market update that 14,000 Bitcoin, dormant for the past seven to ten years, were moved on Feb. 10.
“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, adding:
“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 pointed out that the original purchase price of these Bitcoin is relatively low, which could impact the holders’ “future decisions regarding potential sales.”
Sources:
https://x.com/santimentfeed/status/1889065568101413148
https://academy.santiment.net/sanbase/emerging-trends-page/#calculation-methodology
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