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.
Observers stated that online discussions about these high-risk tokens have increased, as traders adopt a gamble mindset rather than a calculated investment approach.
Quinlivan added that this clearly indicates traders are increasingly making investments based solely on speculation and short-term gains.
Quinlivan noted that while the overall crypto market increased by 10% in the past eight days, Bitcoin gained only 7%, indicating that traders are flocking to more speculative assets.
A Quinlivan stated that whenever Bitcoin leads an initial rally and then moves sideways, investors typically take bigger risks, aiming for higher returns through more speculative and riskier purchases.
ETF Buzz Fuels Surge in Dogecoin Conversations
Observers noted a significant spike in positive crowd sentiment toward Dogecoin after interest declined sharply in April, as several entities filed applications for DOGE exchange-traded funds in the US.
Despite the Securities and Exchange Commission’s decision to delay these filings until mid-June, traders are experiencing a state of cautious anticipation, according to Quinlivan.
DOGE experienced a major decline in crowd interest until late April. 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, PumpSwap—the decentralized exchange of the memecoin launch platform Pump.Fun—saw its monthly trading volume spike to $11 billion in April, up from just $1.7 billion in March.
Meanwhile, Pump.Fun’s monthly trading volume rose to $3.3 billion 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.
