Crypto FOMO Surge: Meme Coins Dominate Social Charts Amidst Price Rallies

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Over the past week, blue-chip assets like Bitcoin (BTC) and Ethereum (ETH) have dominated discussions in the cryptocurrency community after delivering a strong positive performance. Meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) have also attracted significant attention over the last seven days.

Latest on-chain data indicates that these asset classes have been topping the social charts recently, with a large portion of the crypto community talking about them, especially following price rallies. The rising social sentiment could have notable impacts on the prices of Dogecoin and Shiba Inu as investors ponder the sustainability of the meme coin rally.


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In a recent post on the X platform, blockchain analytics firm Santiment reported that large-cap meme tokens have drawn substantial social media attention over the past few days. According to Santiment, top meme coins like Dogecoin and Shiba Inu are experiencing their most significant levels of crowd discussion since May. The Santiment Social Dominance metric, which tracks the share of discussions in crypto media about a particular asset, underpins this observation. Santiment highlighted: “Top meme coins (DOGE, SHIB, etc.) [are] seeing [their] most crowd discussion since May (crowd FOMO may soon cause top).”

This boost in investor sentiment could signal a resurgence of confidence in the meme coin market. However, the surge in crowd hype often serves as a cautionary indicator of a potential price top, with rising FOMO (fear of missing out) posing a risk to the sustainability of developing price rallies.

Fear of missing out, or FOMO, drives investors to hastily buy high-demand assets out of fear of missing potential gains. While FOMO can push a coin’s value higher in the short term, excessive FOMO frequently results in unsustainable upward trends that lead to corrections.

Historically, cryptocurrency prices tend to move contrary to the crowd’s direction. Therefore, with the crypto crowd heavily focused on top meme coins, investors might consider approaching the market cautiously.

Interestingly, Santiment also identified top Layer 2 tokens, such as Arbitrum and Optimism, as potentially lucrative investment alternatives due to their low social dominance. The firm noted, “Speculative coins can certainly still pump a bit longer, but historical data shows that it pays to go where the crowd isn’t looking.”

As of this writing, Dogecoin’s price has surged above the $0.14 level, reflecting an almost 6% increase in the past day. This development prompts continued scrutiny and interest as investors navigate the volatile waters of the meme coin market.