Santiment is making a case for a likely market peak due to the social dominance of meme coin discussions. In short, everyone is writing about meme coins and in the past, this has often led to a correction in the crypto market. IMPORTANT: this is a local peak, not a cycle peak. They are making their case based on a repeat of the September-October of this year.

An infographic from analysts#Santimentshows the connection between the social dominance of meme coins (e.g. DOGE) and Layer-1 projects (e.g. #ETH, #SOL, etc.) in the crypto market, linking peaks in social discussions with changes in the BTC market.

Key points:

- High levels of discussion around meme coins (pink line) often herald market tops, as shown in the chart: when the pink line peaks, the price of BTC soon begins to decline. This confirms that increased attention around meme coins can signal an overheated market.

- High levels of discussions around Layer-1 projects (green line), on the other hand, historically herald market bottoms (the moment when bulls groan from liquidations and bears increase short positions). When the green line peaks, it is accompanied by a rise in#BTCprice, indicating increased interest in fundamentally stronger projects like Layer-1.

- Switching between meme coin and Layer-1 discussions: When interest in meme coins wanes and Layer-1 discussions increase, this indicates a shift in market sentiment towards more stable assets. This point on the chart clearly coincides with BTC price corrections.

TOTAL: Judging by the#Santimentchart, we can now assume that the market is near the peak. If the previous trend repeats, this may mean that the market is close to a correction or decline. BUT it is worth considering that social metrics are only one of the factors, and for a more accurate forecast, it is worth considering both technical and fundamental indicators. In short, this pattern can be broken by the start of the BTC bull run. And by all indications, it is not that far away.