According to Santiment, the gambling mentality has become the predominant mindset among cryptocurrency traders as memecoin discussion is on the rise.
Santiment, in a recent report, says that the memecoin market share is on the rise despite several high-profile asset collapses.
Santiment believes that the growth in social media discussions centered on memecoins indicates an increase in speculation, and a short-term mentality.
Memecoins are gaining attention once more. Online discussions about these high-risk tokens have proliferated as traders embrace a ‘gamble’ mindset, rather than a calculated investment approach.
Look at the social volume for memes with top market caps, which has increased. The layer-1s and 2s have seen a decline. “This is an indication that traders increasingly invest based on speculation and quick-term gains.”
Santiment believes that current online discussion about altcoins (altseasons), bull markets, and altcoins suggests the market is likely to experience a correction.
“Historically, the best times to invest in altcoins have been when crowd interest is between low and practically nonexistent. But at this current stage, with buzzwords like ‘altcoin,’ ‘altseason’ and ‘bull cycle’ trending, caution is advised, with retailers looking for any opportunity to buy minor dips. Markets move opposite to crowd expectations, so when the crowd’s excitement peaks, it often signals that prices are nearing exhaustion.”
Santiment Report: Read it in full here.
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