The altcoin market has been facing a prolonged period of decline since the mid-July peak, resulting in a significant drop in trader interest for popular memecoins, on-chain analytics platform Santiment said on Wednesday.

What Happened: Notably, meme coins such as Dogecoin (CRYPTO: DOGE), Dogelon Mars (CRYPTO: ELON), Pepe Coin (CRYPTO: PEPE), and Shiba Inu (CRYPTO: SHIB) have fallen off the radar for traders, exhibiting a reduced level of overall market attention, Santiment data shows.

“Memecoins are showing a smaller ratio of overall trader interest than they have in some time,” Santiment tweeted. 

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Why It Matters: Santiment reported that DOGE is currently experiencing its lowest discussion rate since 2020. This suggests that the enthusiasm and engagement surrounding DOGE have significantly dwindled in recent times.

Furthermore, the analytics platform highlighted the recovery of PEPE, another memecoin, which saw a slight dip following a notable 19% weekly uptick. Despite the temporary setback, PEPE managed to regain some traction and regain attention from traders.

Last week, Santiment disclosed Dogelon Mars was the fastest-rising asset based on the discussion rate percentage increase. 

Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $26,365.36, up 0.43% in the last 24 hours, according to Benzinga Pro.

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