Bitcoin & Other Layer 1 Top Caps Getting All The Investor Focus Right Now

Data shows social media users are currently not paying much attention to memecoins like Dogecoin (DOGE) as compared to Bitcoin (BTC) and other top caps.

Social media users are currently paying more attention to the top layer 1 cryptocurrencies as compared to memecoins and other digital assets.

This is according to data from the analytics firm Santiment, which shows that the top 6 layer 1 assets have recently been receiving the highest level of discussion in the sector.

“Layer 1” networks refer to those blockchains that handle their own security and aren’t built on top of another network. The networks that are built on these primary chains are titled Layer 2.

Some of the top layer 1 coins are Bitcoin, Ethereum (ETH), and Solana (SOL). While these layer 1 coins are enjoying a high dominance of discussions in the sector now, this wasn’t the case just earlier in the month.

Back then, the other segments of the sector had been getting the focus instead. From the chart shared by Santiment, it’s visible that the top layer 2 coins, like Polygon (MATIC), and the top meme coins, like Dogecoin, had been receiving notable talk on social media.

However, now the tables have turned, and the top layer 1 assets are getting all the attention. This is evident from the fact that the Social Dominance of the top 6 layer 1 assets has surged to over 70% in the past few days.

Meanwhile, the top layer 2, meme, and NFT coins have all seen their Social Dominance decline. This shift in attention could be due to the recent strong performance of layer 1 coins, which has seen BTC rally by over 20% in the past week.

As a result, investors may be flocking to layer 1 coins in search of higher returns on their investment.