Here’s Why Projects Like MATIC and AVAX Receive More Social Attention Amid Altcoin Market Bloodbath

While Bitcoin is not showing anything in particular, community is looking at altcoin market

The latest market correction led to a retracement of the altcoin industry, causing prices to drop by around 20% on positions like Ethereum, Cardano or Matic. But according to data provided by Santiment, the current retrace of altcoins has led to increased social activity around projects like Matic and Avax, and the price, most likely, had nothing to do with it.

The increased social activity, according to Santiment, signals the number of discussions around each room. The majority of the social volume comes from Twitter, which indicates that the crypto community’s discussion vector has moved from Bitcoin to altcoins.

Events such as the release of inbound transfers for Avax on Coinbase Pro are supporting the discussion about altcoins and the market in general. Another factor was the rising popularity of Layer 2 solutions for Ethereum that solve the most relevant problems of the network, like scalability and high transaction costs.

The decline in popularity of the NFT industry has almost recovered after OpenSea’s transactional activity and the number of users has returned to near ATH numbers. Alternative networks for NFTs, like Polygon or Solana, have also risen in popularity thanks to the inaccessibility of the Ethereum network in a period of high congestion.

An exceptional contribution to the overall social volume was invested by the rapid rise in prices of altcoins like Solana and Doge, which caught the community’s attention in the altcoin market, while Bitcoin showed no signs of high volatility.