Dogecoin and Shiba Inu are in the spotlight with massive social sentiment, as tracked by Santiment data
The broader cryptocurrency market is generally anticipating that Bitcoin will break the $70,000 resistance level soon. While the community focuses on Bitcoin, Dogecoin (DOGE) and Shiba Inu (SHIB) have soared.
Forget Shiba Inu and Dogecoin, Consider This Picks
As observed by Santiment, an on-chain analytics firm, Dogecoin and Shiba Inu are among the top memecoins receiving the biggest attention. These two leading memecoins, with a combined market capitalization of over $32 billion, reached peak discussion activity in 5 months.
Santiment suggests that this heightened attention may soon trigger a fear of missing out (FOMO) sentiment in the market. This will likely happen if traders speculate heavily on the crypto assets. Although speculative memecoins might see short-term gains, Santiment hinted caution based on historical precedent.
👀 With the crowd anticipating Bitcoin’s $70K breach soon, traders are doubling down on high leverage speculative meme coins, where their discussion rates are at their highest level in 5 months. Meanwhile, L2’s like Arbitrum and Optimism are being ignored. Speculative coins can… pic.twitter.com/46wIXaoHZ7
— Santiment (@santimentfeed) October 18, 2024
The on-chain analytics firm believes the best investment strategy does not necessarily follow market trends. The memecoins might not sustain their current momentum in the long term.
Hence, it drew the community’s attention to some top Layer-2 solutions that were ignored.
According to Santiment, investors ignored Arbitrum and Optimism. This could be an overlooked opportunity that traders may take advantage of in the market.
Shifting attention to these lesser-discussed projects might likely offer better long-term value. Santiment maintains that sometimes, “abandoned Layer-2 chains” could be a “sneaky bullish signal.”
DOGE Soars 28%, SHIB Sees Modest Gains
The increased dominance in social discussion had a positive impact on Dogecoin’s price outlook. In the last seven days, Dogecoin has registered a 28.74% surge in price, pushing the price to $0.1437, according to trading data.
Shiba Inu has also experienced an uptick of approximately 7% within the same period.
Arbitrum as of this writing, is down 0.95% to trade at $0.5595 in the last 24 hours. However, its performance shows a 2.96% rebound after it recently crashed to the $0.52 support level. Optimism has plummeted significantly under the same time by 1.74%. OP’s price currently stands at $1.69.
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