However, the renewed focus on meme coins may indicate a market correction, as Saintlythe Social Dominance data reveals that the attention to meme coins peaked around the time Bitcoin last hit a high of $68,000.
The analytics firm suggests that markets usually correct after the focus shifts from layer 1 networks to more speculative assets due to greed.
Dogecoin’s 9% surge in the last 24 hours has set it apart from other cryptocurrencies, potentially signaling negativity for Bitcoin, according to historical data. While most of the crypto market experienced stable prices, Dogecoin and its cousin Shiba Inu (SHIB) have both seen bullish momentum.
