‘Buy the dip’ calls on social media surface, market sees correction

As the total crypto market capitalization sees a sharp decline in 24 hours, investors show high levels of interest in “buying the dip.”

According to data provided by CoinGecko, the global crypto market cap declined by 4.4% in the past 24 hours, the fastest drop in over four months. The total digital currency market cap fell from $1.71 trillion to $1.64 trillion as the top assets, Bitcoin (BTC) and Ethereum (ETH), witnessed significant slides.

Data from CoinGecko shows that decentralized finance (defi) tokens’ market capitalization recorded a slight increase despite the market-wide cooldown — rising from $75.3 billion to $75.6 billion over the past 24 hours.

Moreover, data provided by Santiment shows that the social volume for the terms “buy the dip,” “buy,” “dip,” and “buydip” has seen a significant rise over the past 24 hours, reaching a two-month-high.

📉 #Crypto has experienced its fastest drop in 4 months as markets have corrected and caused mild trader concerns. There is a high level of #buythedip calls, which typically means that there is a bit of overeagerness and #FOMO on these low prices. https://t.co/cC2hJmSibv pic.twitter.com/9XjMbXfill

— Santiment (@santimentfeed) December 11, 2023

Per the market intelligence platform, most discussions come from Reddit and X as the market runs into the “extreme greed” zone.

The market-wide decline comes after Bitcoin briefly touched the $44,000 mark and Ethereum reached the $2,400 area. 

BTC declined by 4.1% in the past 24 hours and is trading at around $42,150. Bitcoin’s market cap still stands above the $820 billion mark. 

Ethereum and many more altcoins witnessed almost identical movements. ETH dropped by 4.9% in the past 24 hours and is trading at $2,230 at the time of writing.