While the broader crypto market appears bearish and in ‘extreme fear,’ the social media side of the industry tells a very different story.
As per Santiment’s analysis, certain tokens of the crypto ecosystem are seeing a surge in online discussions and trending conversations.
Bitcoin gains social traction
Bitcoin [BTC] tops the list, which is due to the mining of the 20 millionth BTC on the 9th of March. This milestone signaled the start of Bitcoin’s final mining phase, with roughly 95% of the total supply already in circulation.
At the same time, institutional accumulation, with firms such as Strategy increasing their holdings to around 738,731 BTC, is another factor driving the social media surge.
However, on-chain data reveals a divergence. While Weighted Sentiment around Bitcoin has remained slightly positive and stable, 30-day Active Addresses have fallen to around 11.6 million at press time, one of the lowest levels recently.
This suggests that despite the optimistic narrative and strong institutional buying, actual network participation has weakened.
Ethereum is not trailing behind
Ethereum [ETH] is drawing attention as a disconnect between growing network concerns and increasing institutional interest develops. ETH has been accumulated by companies such as Bitmine, but spot Ethereum ETFs are experiencing withdrawals.
Much of the hesitation stems from Ethereum’s staking system, where long entry and exit queues create a potential liquidity trap, along with ongoing governance debates.
This comes at a time when on-chain activity is showing signs of turbulence. By late February and early March, Active Addresses had fallen to around 12.8 million, indicating cooling network participation.
At the same time, social sentiment has remained volatile and slightly negative, reflecting ongoing uncertainty in the market.
Overall, while Ethereum continues to strengthen its position as a core settlement layer for the digital economy, the latest data points to a more cautious market sentiment in March.
Memecoins are also making waves
While Bitcoin and Ethereum face structural shifts, Dogecoin [DOGE] continues to reflect retail-driven speculation in the crypto market.
Excitement has grown following news that X Money will open early public access next month. While DOGE integration remains unconfirmed, Elon Musk’s involvement has already sparked strong reactions.
This triggered a 779% liquidation imbalance, catching short sellers off guard as DOGE rose about 5.6% in a single day, supported by whale transfers and growing merchant adoption.
On-chain data also highlights DOGE’s reliance on social momentum.
Spikes in Social Volume often align with sharp changes in sentiment. As of early March, sentiment turned positive while social activity remained high, signaling renewed speculative interest.
What’s the secret behind Tether’s rise?
Finally, Tether is gaining traction as a result of its more institutional and regulated strategy. In January 2026, USA₮ (USAT) was launched as a U.S.-regulated stablecoin for integration with regulated financial systems.
At the same time, Tether’s XAUT competes in the gold-backed token market with Paxos’ PAXG, which is preferred for audited redemption, while XAUT is more liquid on exchanges.
Despite this regulatory push, USDT continues to play a crucial role in emerging markets, where demand for digital dollars is high. In peer-to-peer markets like India, USDT has reportedly traded at ₹110–₹115, reflecting limited access to traditional dollar liquidity.
More broadly, stablecoins have evolved beyond trading tools, now processing over $1 trillion in monthly transactions, as per Visa on-chain data. Even with new entrants like PYUSD, the market is still dominated by USDT and USDC.
This coincided with a broader discussion in which Aave [AAVE] and Uniswap [UNI] drew attention, despite the market being in a state of ‘Extreme Fear.
Final Summary
- The 20 million BTC milestone reinforces Bitcoin’s long-term scarcity story, despite weakening on-chain participation.
- With over $1 trillion in monthly volume, stablecoins are becoming the backbone of crypto transactions.
