Rising Social Media Activity Suggests Potential Surge in Retail Investor Enthusiasm in Bitcoin

Solana’s SOL and The Book of Meme (BOME) emerged as the top two trending tokens on crypto social media platforms over the weekend, according to data tracked by Sentiment. The surge in popularity is attributed to their recent outperformance in the markets, with retail investors increasingly viewing Solana and related meme coins as viable alternatives to Ethereum-based projects.

SOL experienced a remarkable 45% surge in price over the past seven days, reaching highs above $200 for the first time since December 2021, as reported by the sources. Similarly, The Book of Meme (BOME) witnessed an impressive 82% surge since its launch on March 10, further boosted by its listing of perpetual futures on Binance on March 16.

In contrast, Ether (ETH) has declined by 6.3% to $3,640 despite the successful implementation of the Dencun upgrade, while Bitcoin (BTC) has maintained a relatively flat trajectory around $68,670. However, Solana’s exceptional rally mirrors the renewed interest in its DeFi ecosystem, with Solana-based decentralized exchanges recording a staggering $30 billion in trading volume this month, according to data from Top Ledger and OurNetwork.

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Social media mentions of “SOL” have surged to 322, as reported by Santiment, reminiscent of a similar spike observed in late December, coinciding with SOL’s peak price of $125 before undergoing a correction to $85.

Meanwhile, Google Trends data indicate a notable surge in searches for “Solana,” with a provisional score of 100 representing peak popularity. Such heightened search activity is often interpreted as a sign of increasing retail interest, reminiscent of similar patterns observed during SOL’s previous bull market in late 2021.

These indicators of increased crowd chatter and search activity are commonly associated with impending retail investor frenzies, typically observed at market peaks. Google Trends provides a scaled representation of search interest relative to the highest point observed for a given term, reflecting the growing curiosity surrounding Solana as it continues to outshine its counterparts in the crypto market.