The cryptocurrency landscape is evolving as Bitcoin (BTC), Ethereum (ETH), and major layer-1 blockchains regain dominance, while the hype around memecoins begins to fade. According to Santiment, a leading on-chain analytics platform, discussions surrounding fundamental blockchain networks like Ethereum, Solana (SOL), Toncoin (TON), and Cardano (ADA) now account for 44.2% of total crypto discussions, whereas memecoins make up just 4%.
The Decline of Memecoin Mania
Memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have long attracted traders seeking short-term gains, often fueled by social media hype and speculative trading. However, interest has started to wane, leading experts to believe that the market is moving towards a more stable and mature phase.
Santiment analysts noted that cycles driven by memecoin speculation tend to signal unsustainable market trends, often resulting in price corrections once the excitement cools down. By contrast, a shift toward established blockchain networks suggests that investors are prioritizing real-world adoption, security, and technological advancements over short-lived hype.
Ethereum’s Largest Exchange Outflow in Two Years
Meanwhile, Ethereum is showing strong on-chain activity. Over 224,410 ETH left crypto exchanges between Feb. 8 and Feb. 9, marking the largest single-day exchange outflow in two years.
Large exchange outflows often indicate that investors are moving their holdings into self-custody, signaling long-term confidence. Santiment analysts highlighted this as a bullish sign for Ethereum, especially given the recent market correction.
Dormant Bitcoin Wallets Spring Back to Life
Another major development in the crypto market came from Bitcoin. On Feb. 10, 14,000 BTC that had been inactive for 7 to 10 years were suddenly moved. According to CryptoQuant, these funds were not sent to exchanges, meaning they were not likely sold.
While some investors fear that large dormant wallet movements could trigger sell-offs, CryptoQuant analysts reassured the market that past cases of similar transactions did not necessarily lead to price drops. However, with Bitcoin still trading below its recent high of $109,000, investors will be closely watching if these reactivated funds eventually enter circulation.
Market Outlook: A More Stable Crypto Landscape?
With memecoin hype fading and layer-1 blockchains gaining traction, the market appears to be entering a healthier and more sustainable phase. Investors are shifting focus toward blockchain networks that offer real utility, smart contract functionality, and long-term growth potential.
Meanwhile, Ethereum’s record exchange outflows and Bitcoin’s dormant wallet activity suggest that long-term holders are still optimistic about the future of crypto. As the market continues to evolve, traders should keep a close eye on on-chain trends, investor sentiment, and broader macroeconomic factors shaping digital asset movements.
