A notable spike in online discussions about Dogecoin has been observed, as various ETF applications are being considered in the US, according to Brian Quinlivan of Santiment.
According to on-chain analytics platform Santiment, online discussions about memecoins have reached a year-to-date high, gaining significant attention after sentiment had cooled earlier in the year.
Two weeks ago, discussions surrounding Bitcoin and layer-1 protocols peaked during the market volatility triggered by the Trump administration’s sweeping tariffs. However, according to Santiment marketing director Brian Quinlivan in a May 1 blog post, the focus has since shifted to high market cap memecoins.
It was stated that online discussions surrounding these high-risk tokens have increased as a gamble mindset has been adopted by traders, rather than a calculated investment approach.
It was added by Quinlivan that this serves as a clear indication that investments are increasingly being made by traders based solely on speculation and short-term gains.
It was noted by Quinlivan that while the overall crypto market increased by 10% in the past eight days, Bitcoin only saw a 7% gain, indicating that more speculative assets are being flocked to by traders.
It was stated by Quinlivan that whenever Bitcoin leads an initial rally and then starts moving sideways, bigger risks are typically taken by investors, who aim for higher returns through more speculative and riskier purchases.
A notable spike in positive crowd sentiment towards Dogecoin has been observed, following a major decline in crowd interest during April, as various applications for DOGE exchange-traded funds were filed in the US.
Despite the delay in the Securities and Exchange Commission’s decision on these filings until mid-June, a state of cautious anticipation is being experienced by traders, according to Quinlivan.
Until late April, a major decline in crowd interest had been experienced by DOGE. However, its social dominance has now spiked to the highest level in nearly three months, as conversations and filings surrounding Nasdaq’s ETF listings have increased, according to him.
According to DefiLlama data, a spike in monthly trading volume was seen by PumpSwap, the decentralized exchange of the memecoin launch platform Pump.Fun, reaching $11 billion in April after recording only $1.7 billion in March.
Meanwhile, a rise to $3.3 billion in monthly trading volume for Pump.Fun was seen in April, up from $2.5 billion in March.
Following the launch of US President Donald Trump’s memecoin on Jan. 18, memecoin activity saw an explosion, with Pump.fun’s weekly trading volume reaching a high of $3.3 billion.
However, interest in memecoins quickly waned. According to CoinGecko founder Bobby Ong in a March 6 report, investor interest in memecoins declined following a series of unsuccessful launches, with the fallout from the Libra (LIBRA) token launch in February identified as a key catalyst.
