Bitcoin and Toncoin Social Sentiment Jumps, Bull Run Ahead?

After a massive run with memecoins over the past few weeks, the crypto community is returning back to Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Toncoin (TON) and other Layer-1 protocols. According to data insight from Santiment, Layer-1 networks have collectively seeing 44.2% of social discussions on specific coins. This shift, the analytics firm imply might mean a potential return to the bull era.

Bitcoin, Toncoin and L1 Protocols Back In Limelight

According to Santiment on X, memecoins like Dogecoin, Shiba Inu and PEPE are currently being discussed less in the market. The platform attributed this shift to the recent volatility that pushed the dominance of speculative altcoin price behind.

The data giant acknowledged that Bitcoin and L1s like Ethereum and Toncoin are the foundational infrastructure in the industry. It noted that the increased focus on these assets by traders often signals market maturity. It hinted that an L1 focus is a sign investors are prioritizing security, innovation and real world adoption.

Per the Santiment insight, memecoin frenzies generally come before the market falls. Historically, it noted that speculative excesses often lead to sharp reversal when the hype has faded. 

However, it pointed out that this shift implies a more balanced market will emerge once the excessive leverage bets are wiped off.

Is Bitcoin, Toncoin and L1s Ready for Rally?

According to the Santiment projection, a shift away from memecoin is proof that the market might be tilting toward sustainable trends. It confirmed that the gambling mindset associated with memecoins is paving the way for better fundamentals.

This forecast aligns with speculations from analysts that the altcoin selling will stop soon, paving the way for rapid rebound. As of writing, BTC price was changing hands for $97,380.20, up 1.81% in 24 hours. The sentiment has also trickled down to Ethereum, Toncoin, and Cardano. These altcoins are up 1.44%, 0.56% and 3.30% to $2,668, $3.806 and $0.7172 respectively.

While it remains unclear whether the bull run is finally return, Santiment is optimistic the market is in a healthy cool-down period.

Altcoins With ETF In Spotlight

Altcoins like Solana, XRP, and Litecoin are in the spotlight owing to the growing push for spot ETFs to track their prices. As reported earlier by CoinGape, Grayscale has filed for Cardano ETF with the US SEC.

The growing number of crypto ETF applications has signaled that a massive adoption era is on enroute. With Bloomberg Senior ETF Analyst projecting high approval odds for Litecoin, Dogecoin, and Solana ETF, the market appears ready for a rebound.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.