Monero surged 51% to a record high near $716 during the past week, dramatically outperforming Bitcoin and Ethereum, though analytics data shows a sharp spike in social media interest that has historically signaled unsustainable rallies driven by fear of missing out.
What Happened: Privacy Token Hits Record
The privacy-focused cryptocurrency reached its latest all-time high earlier this past day around $695 before pulling back slightly.
XMR's weekly gain of 51% dwarfs returns from other major digital assets during the same period. Bitcoin posted a 1% gain while Ethereum fell 2%.
Zcash, another privacy coin, dropped 23% over the same window after earlier gains.
Santiment's Social Dominance metric, which tracks what percentage of social media discussion among the top 100 cryptocurrencies relates to a specific token, showed a significant spike on Sunday as Monero's rally accelerated.
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Why It Matters: FOMO Warning Signs
Rapid increases in Social Dominance have historically preceded market reversals in digital assets. The pattern often indicates that traders are piling into an asset out of fear of missing out rather than fundamental conviction.
Monero has continued climbing despite the elevated social media attention, setting new records since the spike.
Whether the token can sustain its momentum remains uncertain given past behavior in cryptocurrency markets.
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