- Bitcoin leads market sentiment, closing at $98,416.18 with strong support, while Layer 1 discussions surge from 28.3% to 44.2%.
- Meme coin interest declines, with discussions dropping from 9.2% in December to 4.0%, signaling reduced speculative enthusiasm.
- Layer 2 adoption remains slow at 1.91% social dominance, as investors favor Layer 1 networks like Ethereum, Solana, and Cardano.
According to Santiment, market sentiment is shifting as traders move from meme coins and focus on Bitcoin and Layer 1 projects. Bitcoin has been recovering, indicating renewed investor confidence.
Meme coins, including Dogecoin, Shiba Inu, and Pepe, have had declining discussion rates, while Layer 1 networks such as Ethereum, Solana, and Cardano are gaining more attention. Layer 1 assets now account for 44.2% of discussions, up substantially from previous months.
Rising Layer 1 Interest
Bitcoin remains the focal point of the market as traders rotate capital into more established assets. BTC has recorded a daily high of $98,242.41 and a low of $95,455.74, showing notable daily price movement.
Its closing price of $98,416.18 surpassed the opening price of $96,488.45, indicating strong market support. The shift in focus from meme coins to Layer 1 projects suggests a more stable market.
Ethereum, Solana, and Cardano have had a sharp rise in discussions, with Layer 1 dominance increasing from 28.3% in December 2024 to 44.2% in February. In contrast, meme coin discussions have dropped from 9.2% at the end of December to just 4.0%.
This shows traders’ growing interest in blockchain ecosystems that support decentralized applications, smart contracts, and network scalability.
Declining Meme Coin Interest
The decline in meme coin discussions suggests a cooling phase in speculative trading. Dogecoin, Shiba Inu, and Pepe were previously dominant in market conversations but have now retreated.
Speculative enthusiasm around these assets has diminished, likely due to increased market volatility and shifting investor sentiment. Layer 2 networks, which aim to enhance blockchain efficiency, have maintained a lower social dominance at 1.91%, indicating slower adoption compared to Layer 1 assets.
Investors appear to favor primary blockchain infrastructures rather than secondary scaling solutions.
Stronger Focus on Fundamental Crypto Assets
As traders prioritize Bitcoin and Layer 1 assets, the market appears more stable. The rising social dominance of Layer 1 networks suggests increased investor confidence in blockchain ecosystems with long term utility.
The decrease in meme coin discussions aligns with historical trends where speculative excesses often lead to corrections. Santiment notes a transition toward assets with stronger fundamentals, supporting Bitcoin’s role in the market.
If this trend continues, the shift toward foundational blockchain projects could define the next phase of crypto market activity.
