Meme Coins Dogecoin and Shiba Inu Dominate Cryptocurrency Discussions After Delivering Strong Performance

Over the past week, blue-chip assets like Bitcoin (BTC) and Ethereum (ETH) have dominated discussions in the cryptocurrency community

Bitcoin (BTC) and Ethereum (ETH) have led cryptocurrency market discussions over the last seven days, thanks to their strong positive performance. Meme coins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), have also garnered a large portion of crypto community chatter.

On-chain data shows that these asset classes have been topping the social charts recently, with a significant amount of discussion dedicated to them, particularly following price rallies. The rising social sentiment may have a noticeable impact on the prices of Dogecoin and Shiba Inu as investors speculate on the sustainability of the meme coin rally.

In a recent X platform post, blockchain analytics firm Santiment reported that large-cap meme tokens have attracted substantial social media attention over the past few days. Top meme coins like DOGE and SHIB are experiencing their most significant levels of crowd discussion since May, according to Santiment. This observation is highlighted by the Santiment Social Dominance metric, which tracks the share of discussions in crypto media about a particular asset. “Top meme coins (DOGE, SHIB, etc.) [are] seeing [their] most crowd discussion since May (crowd FOMO may soon cause top),” Santiment noted.

This boost in investor sentiment might signal a resurgence of confidence in the meme coin market. However, the surge in crowd hype often serves as a cautionary indicator of a potential price top, with rising FOMO (fear of missing out) posing a risk to the sustainability of developing price rallies.

Fear of missing out, or FOMO, drives investors to hastily buy high-demand assets out of fear of missing potential gains. While FOMO can push a coin’s value higher in the short term, excessive FOMO frequently results in unsustainable upward trends that lead to corrections.

Historically, cryptocurrency prices tend to move contrary to the crowd’s direction. Therefore, with the crypto crowd heavily focused on top meme coins, investors might consider approaching the market cautiously.

Interestingly, Santiment also identified top Layer 2 tokens, such as Arbitrum and Optimism, as potentially lucrative investment alternatives due to their low social dominance. The firm noted, “Speculative coins can certainly still pump a bit longer, but historical data shows that it pays to go where the crowd isn’t looking.”

As of this writing, Dogecoin’s price has surged above the $0.14 level, reflecting an almost 6% increase in the past day. This development prompts continued scrutiny and interest as investors navigate the volatile waters of the meme coin market.

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