Major coins draw more attention even as the crypto market remains in 'Extreme Fear'

The crypto (virtual asset) market remains broadly stuck in “Extreme Fear,” but analysis suggests online interest in some major coins is rising.

On the 11th (local time), AMBcrypto, citing data from on-chain analytics platform Santiment, reported that some crypto assets including Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) are drawing heightened attention on social media.

Bitcoin’s interest appears to have increased after the 20 millionth BTC was mined on the network on the 9th. This implies that about 95% of the total supply is already in circulation and that Bitcoin has entered its final mining phase. Institutional investment expansion was also cited as a driver of increased online discussion, with Strategy holding about 738,731 BTC.

On-chain indicators, however, showed a different trend. The number of Bitcoin active addresses over 30 days fell to around 11.6 million, marking a relatively low level in recent terms. The analysis suggests actual network participation has declined despite the positive investment narrative and institutional buying.

Ethereum is also seeing growing attention, but market sentiment remains cautious. While institutional demand is emerging, including purchases by some companies, spot Ethereum exchange-traded funds (ETFs) are seeing outflows. Long deposit and withdrawal wait times in the staking system and governance debates are also cited as sources of investor concern.

On-chain activity has also cooled. As of late February and early March, the number of active Ethereum addresses fell to around 12.8 million, indicating a modest decline in network participation. Social-media investor sentiment is also highly volatile and shows a slightly negative tilt.

Dogecoin was analyzed as a representative case reflecting speculative demand driven by retail investors. In particular, market attention rose on news that X’s payment service “X Money” is set for an early release next month. While it is not confirmed whether Dogecoin will be integrated, the report said investor प्रतिक्रिया was amplified by Elon Musk’s influence.

As a result, Dogecoin rose about 5.6% in a day, and a sharp wave of short-position liquidations produced an estimated liquidation imbalance of about 779%. Whale fund movements and broader merchant adoption for payments were also cited as factors behind the gains.

Stablecoins are also expanding their role in the market. Tether’s stablecoin USDT is being used as a key tool to meet dollar demand in emerging markets, and some peer-to-peer markets have reported cases of trading at a premium.

According to Visa on-chain data, stablecoins are currently posting monthly transaction volumes of more than about $1 trillion, underscoring their growing role as core infrastructure for crypto payments beyond simple trading tools.