Layer-1 Blockchains Gain Traction as Social Media Interest in Bitcoin Surges Over Memecoins

• A recent analysis by Santiment indicates that traditional layer-1 blockchains are regaining traction, reclaiming 44% of social media discussions, with memecoins fading into the background.

• As interest shifts back to established cryptocurrencies like Bitcoin (BTC) and Ether (ETH), experts suggest this trend may signal the onset of a more stable market cycle.

• According to Santiment, “Increased focus on these assets usually reflects a more mature and informed approach by the community.”

Layer-1 blockchains are dominating social media discussions, potentially indicating stronger market fundamentals as memecoin interest declines.

Layer-1 Blockchains at the Forefront of Discussion

Santiment’s latest metrics reveal that layer-1 blockchains such as Ether (ETH), Solana (SOL), and Cardano (ADA) are taking a significant lead in social media conversations about cryptocurrencies. With 44.2% of discussions focused on these projects, they reflect a shift in community sentiment towards more stable and established assets. This growing interest underscores a collective move towards infrastructure that supports smart contracts, decentralized applications, and overall network scalability.

Decreasing Interest in Memecoins

The analysis also highlights a notable downturn in discussions surrounding memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), which accounted for merely 4% of social media chatter. This decline may suggest a cooling off in the speculative frenzy typically associated with these tokens. As Santiment elucidates, a market dominated by memecoins often leads to excessive hype but culminates in corrections when interest wanes.

Major Movements in Bitcoin and Ether

In a separate report, Santiment identified a remarkable migration of 224,410 Ether from exchanges, marking the largest known exchange wallet activity in two years. This surge signals greater confidence among investors in Ethereum’s long-term viability. Such large-scale movements often indicate a strategic holding pattern, rather than immediate liquidation, reinforcing the notion of long-term bullish sentiment.

Insights from Recent Bitcoin Activity

Additionally, on February 10, approximately 14,000 Bitcoin, dormant for 7 to 10 years, saw movement. While the coins have not been sent to exchanges, this could reflect a recalibration among long-term holders rather than an impending price drop. Experts caution that while significant volumes can create excitement, they do not always correlate with price declines, especially when historical tracking shows no immediate urgency among holders to sell.

Conclusion

The current landscape suggests that a more stable and thoughtful approach may be emerging in the cryptocurrency market, as outlined by Santiment’s findings. With layer-1 blockchains like Ethereum and Bitcoin attracting increasing interest, coupled with diminishing enthusiasm for memecoins, the market appears to be positioning itself for sustained growth and development. Investors are advised to remain vigilant about these trends and consider long-term gains as the market evolves.