Online discussions about memecoins have surged to their highest point this year, gaining significant attention after a quieter start to 2025, according to blockchain analytics firm Santiment.
Two weeks ago, discussions around Bitcoin and layer-1 protocols spiked as markets reacted to the Trump administration’s broad new tariffs. However, according to Santiment’s marketing director, Brian Quinlivan, in May. 1 blog post, the spotlight has since moved to high-value memecoins.
He mentioned that online conversations about these high-risk tokens have been growing, as traders adopt a gambling mindset rather than a smart investment. In addition, Quinlivan said that the entire crypto market saw a 10% increase over the past eight days.
Memecoins surge as traders embrace risk
However, Bitcoin only rose by 7%, suggesting that traders are increasingly turning to riskier, more speculative assets. When Bitcoin leads an initial rally and then starts to level off, investors often get more adventurous, taking on riskier bets in the hopes of massive returns through more speculative and high-risk investments.
In particular, Dogecoin has seen a notable increase in positive crowd sentiment following a major dip in interest during April. The surge follows the filing of various applications for DOGE exchange-traded funds in the U.S. Quinlivan says traders are waiting cautiously despite the SEC having postponed its decision on these filings until mid-June.
Until late April, DOGE had been on a major decline in terms of crowd interest. But its social dominance has spiked to its highest level in nearly three months, as the conversations and filings surrounding Nasdaq’s ETF listings have risen.
According to DefiLlama, the decentralized exchange from the memecoin platform Pump.Fun, PumpSwap, saw a huge rise in trading volume in April, soaring to $11 billion from just $1.7 billion in March.
Meanwhile, Pump.Fun’s monthly trading volume increased to $3.3 billion in April, a rise from $2.5 billion in March.
Memecoin activity surged after the launch of U.S. President Donald Trump’s memecoin on Jan. 18. The activity led to a significant increase in trading, with Pump.fun seeing a weekly trading volume hit $3.3 billion.
