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New data from market intelligence firm Santiment hints at a potential correction for popular dog-themed memecoins Dogecoin (DOGE) and Shiba Inu (SHIB). In a new thread on the social media platform X, the crypto analytics platform says that the pair of memecoins have the highest discussion rates they’ve had in five months, signaling that investors may soon shift capital toward other crypto projects. According to Santiment, traders are flocking into DOGE and SHIB due to the fear of missing out (FOMO), which may lead the altcoins to print local tops. “With the crowd anticipating Bitcoin’s $70,000 breach soon, traders are doubling down on high-leverage speculative meme coins, where their discussion rates are at their highest level in five months. Meanwhile, layer-2s like Arbitrum and Optimism are being ignored. Speculative coins can certainly still pump a bit longer, but historical data shows that it pays to go where the crowd isn’t looking....

Ethereum network fees are currently at their lowest point in 2023. The Ethereum (ETH) blockchain witnessed a significant reduction in network fees, with users paying a mere $1.15 per transaction, Santiment data shows. The current decline in Ethereum’s transaction fees carries with it a historical pattern that bodes well for the network’s utility.  As transaction fees drop, Ethereum becomes a cheaper choice for users to interact with its versatile platform. This development holds the promise of boosting Ethereum’s overall market value. Lately, there has been a notable rise in the level of on -chain transactions within the Ethereum network . The figure, totaling 1,089,893 user active wallets (UAW), marks the second-highest activity level in Ethereum’s history. Blockchain analysts at Santiment noted that such spikes in on -chain activity could be a signal for potential price rebounds. You might also like: Ethereum unveils new testnet called ...