Discussions on memecoins have surged to a year-to-date high, according to Santiment. The market has shifted from Bitcoin-focused discussions to high-cap memecoins as traders adopt a gamble mindset for quick gains. Notably, Dogecoin is seeing renewed interest due to ETF filings, despite the SEC’s delay on these applications. PumpSwap and Pump.Fun experience substantial trading volume increases as memecoin activity spikes, demonstrating the heightened speculative nature of the current crypto landscape.
Recent insights from Santiment, an onchain analytics platform, reveal that discussions surrounding memecoins have surged to a year-to-date high. The trend notably picked up following a cooling period earlier in the year. Brian Quinlivan, Santiment’s marketing director, pointed out in a May 1 blog post that just two weeks prior, discussions around Bitcoin (BTC) and layer-1 protocols peaked due to the market volatility spurred by the Trump’s administration’s tariffs. Now, however, focus has switched to high market cap memecoins.
Quinlivan highlights that this uptick signifies a shift toward a more “gamble mindset” among traders, who now prefer speculation over calculated investment strategies. He emphasised, “This suggests that many are investing with the hope of short-term gains rather than long-term stability.” Interestingly, while the broader crypto market has seen a 10% rise in the past week, Bitcoin’s increase trails at only 7%, indicating a preference among traders for more speculative assets as caution sets in.
The expert noted, “Typically, when Bitcoin leads a market rally and subsequently levels off, many investors start taking higher risks, looking to maximise returns through riskier assets.” Meanwhile, Dogecoin (DOGE) has regained traction, experiencing an uptick in positive sentiment as interest waned sharply during April. This renewed interest coincides with the filing of multiple DOGE exchange-traded funds (ETFs) in the United States.
Although the Securities and Exchange Commission has postponed its decisions on these ETF applications until mid-June, there’s cautious optimism in the air. Quinlivan remarked, “Before late April, DOGE was witnessing a significant downturn in crowd interest, but now social chatter surrounding the memecoin has peaked to its highest level in almost three months as ETF conversations gain momentum.”
Data from DefiLlama also reveals that PumpSwap, which is a decentralised exchange linked to Pump.Fun, recorded an impressive monthly trading volume surge to $11 billion in April, compared to just $1.7 billion in March. Meanwhile, Pump.Fun itself saw its monthly trading volume rise from $2.5 billion in March to $3.3 billion in April. This strong activity is further emphasised by the launch of a memecoin associated with US President Donald Trump on January 18, which initially minted a weekly trading volume high of $3.3 billion.
Despite this initial enthusiasm, the fervour for memecoins has dulled somewhat. Bobby Ong, founder of CoinGecko, indicated in a report from March 6 that investor interest in memecoins waned significantly after a series of unsuccessful launches. He mentioned the Libra (LIBRA) token debacle in February as a pivotal moment that impacted investor sentiment.
