Market Signals Indicate Potential Recovery Amid Meme Coin Decline

On-chain data analysis platform Santiment has observed a significant shift in market sentiment as traders increasingly believe the 'Meme coin era' has ended. According to Odaily, this has led to what is described as a 'classic capitulation signal,' often seen as a contrarian indicator suggesting a market bottom may be near. Over the past 30 days, the total market capitalization of Meme coins has decreased by 34.04% to $31.02 billion. Santiment also noted a prevailing pessimism on social media regarding the crypto market, with negative sentiment outweighing positive. This skepticism, even amid rising prices, is considered a healthy sign for a potential sustained market recovery. Analysts suggest that unlike previous broad-based altcoin rallies, the next market phase may be more selective, benefiting only certain cryptocurrencies.