PANews February 14 News, according to Cointelegraph, on-chain data analysis platform Santiment stated that as traders generally believe the “Meme coin era has ended,” the market is showing “classic capitulation signals,” which are often contrarian indicators. Santiment pointed out that when a particular sector of the market is completely pessimistic, it often signals that a bottom is near. Data shows that over the past 30 days, the total market cap of Meme coins has decreased by 34.04% to $31.02 billion.
Santiment also observed that pessimistic sentiment on social media regarding the crypto market is significantly higher than optimistic sentiment. This phenomenon of “remaining skeptical even when prices rise” is a healthy sign that the market may continue to recover. Analysts noted that, unlike the previous season of widespread altcoin rallies, the next market cycle may be more selective, with only certain cryptocurrencies benefiting.
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