Traders Move To Ethereum, Bitcoin and Layer-1 Assets As Memecoins Attention Declines
The previous hype and attention about memecoins has been recently experiencing a decline, which has resulted in a refreshed interest in assets that are more stable, like Ethereum (ETH), Bitcoin (BTC) and Layer-1 (L1) assets.
Micheal Poppe a popular cryptocurrency analyst mentioned on X (formerly called Twitter) that the attention on meme coins has dropped, and traders are now moving to assets that have utility, because they are more reliable and predictable.
Recently, the popular Layer-1 crypto assets have taken about 44 percent of discussions on social media. And discussions related to memecoins have reduced to about 4 percent. Binance Chain (BNB) has seen major discussions.
This is as a result of BNB current bull run, and due to BNB market cap currently above Solana (SOL); making BNB the 5th biggest cryptocurrency. Memecoins like Shiba Inu (SHIB), Pepe (PEPE) and Dogecoin (DOGE) have been recently experiencing low social media discussions.