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According to on-chain analytics firm Santiment, the top meme coins have generated the most buzz in the past five months.
Santiment noted that top meme coins such as Dogecoin and Shiba Inu have garnered the most discussion since May, a five-month high.
This surge in dominance came as Bitcoin led the way, reaching $69,000 at one point during Friday's trading session. Speculators are once again targeting $70,000 as demand for digital assets increases.
Traders are doubling down on the highly leveraged speculative meme coin, with its discussion rate reaching its highest level in five months, as the crowd predicts Bitcoin will soon top $70,000.
Santiment said there has been a significant increase in memecoin negotiations this week. This growing social dominance is also reflected in prices, with Dogecoin up about 30% weekly and Shiba Inu up 8% over the same span. Dogecoin has been declining for the past six days since October 14th.
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This surge is due to the redistribution of Bitcoin profits to altcoins, with memecoins being the main beneficiaries.
Different stories across markets
Elsewhere in the cryptocurrency market, a different story is observed. According to Santiment, the focus on meme coins has significantly reduced the focus on Layer 2 solutions such as Arbitrum (ARB) and Optimism (OP), which are now being ignored. Speculative coins can certainly keep pumping for a little longer, but historical data shows that going where the crowd isn't looking can be beneficial.
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According to Santiment, the abandonment of top layer 2 blockchains could be a sneaky bullish signal. Meanwhile, while meme coins are gaining traction, Bitcoin and Solana are pushing the boundaries of layer 1 social dominance.
Bitcoin is considering its next move after hitting $69,000, but altcoins are likely to continue growing unless crowd FOMO gets in the way. This is important because cloud FOMO could drive the market to the local top. Typically, markets decline when the focus moves away from layer 1 blockchains and towards more speculative assets due to greed.
