According to Santiment of Onchain Analytics Platform, online discussions about Memecoin have been a high since the start of the year and have attracted considerable attention after the sentiment cooled earlier this year.
Two weeks ago, discussions on Bitcoin (BTC) and Layer 1 protocol peaked during market volatility brought about by the Trump administration’s sweeping tariffs. But it shifted to a high market capitalization Memecoin, Santiment Marketing Director Brian Kinlivan said in a May 1 blog post.
“Online discussions on these high-risk tokens are surged as traders embrace the idea of gambling, rather than a calculated investment approach,” he said.
“This is an obvious indication that traders are increasingly investing based solely on speculation and short-term profits,” Quinlivan added.
Quinlivan said the entire Crypto market has risen 10% over the past eight days, while Bitcoin has only increased by 7%, indicating that traders are flocking to more speculative assets.
“Every time Bitcoin starts moving sideways after leading the first rally, investors generally start taking greater risks in the hopes of getting even higher returns through more speculative and risky purchases,” he said.
Dogecoin discussion in ETF News
In particular, Dogecoin (Doge) has seen a noticeable surge in positive crowd sentiment after a significant decline in crowd interest in April, as various applications for the Doge Exchange-Traded Funds have been filed in the US.
Quinlivan said the Securities and Exchange Commission has delayed decisions on these filings until mid-June, but traders say they are in a cautious state of expectation.
“Until late April, Doge had been significantly reduced in terms of crowd interest, but its social domination skyrocketed to the highest level in almost three months as the conversations and filings surrounding Nasdaq’s ETF list rose,” he said.
Defillama data shows that monthly trading volumes skyrocketed to $11 billion during April after only recording $1.7 billion in March.
Related: Crypto token failures skyrocket, a quarter was released from 2021, and died in the first quarter: Coingecko
Meanwhile, Pump.Fun’s monthly trading volume rose from $2.5 billion in March to $3.3 billion in April.
After US President Donald Trump’s Memecoin launch on January 18th, Memecoin’s activity exploded, with Pump.Fun usage reaching $3.3 billion in trading volumes each week.
However, the traders were quickly cooled down with Memecoin. Bobby Ong, founder of Coingecko, said in a March 6 report that Memecoin Investor’s interest fell after a series of bad launches.
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