Memecoins Take Center Stage in Crypto’s Latest Surge: Santiment

As Bitcoin’s rally begins to plateau, crypto market participants are increasingly turning their attention to memecoins—those volatile, often humorous tokens that thrive on speculation. 

According to a May 1 blog post by Santiment’s marketing director Brian Quinlivan, online conversations about memecoins have reached their highest level of 2025, indicating a clear shift in sentiment from more stable coins to high-risk plays.

Trader Mindset Shifts Toward Memecoins

Just two weeks ago, the conversation was dominated by Bitcoin and layer-1 protocols, largely in reaction to Trump administration tariffs that rocked global markets. But that focus has quickly pivoted. “We’re now seeing traders embrace a gamble-first mindset,” said Quinlivan, adding that the speculative frenzy is a “telltale sign” of traders prioritizing short-term wins over long-term strategy.

Quinlivan further noted that while the overall crypto market climbed 10% in the past eight days, Bitcoin’s rise was limited to 7%. This discrepancy, he suggests, is a clear indicator that investors are cycling profits from BTC into riskier altcoins and memecoins, hoping to multiply gains.

Dogecoin and Pump.Fun Drive the Hype

Among the many memecoins getting attention, Dogecoin has re-entered the spotlight. The surge in discussion comes on the heels of multiple filings for DOGE-based ETFs in the United States. Although the Securities and Exchange Commission has postponed its verdict on these filings until mid-June, the buzz has already reignited trader optimism.

Quinlivan noted that Dogecoin’s social dominance has jumped to its highest level in nearly three months, rebounding from a deep slump in April. The resurgence seems tightly linked to Nasdaq’s ETF-related announcements, fueling speculative bets across crypto forums.

Meanwhile, decentralized platforms like PumpSwap and its parent platform Pump.Fun are experiencing a meteoric rise in activity. PumpSwap’s monthly volume spiked to $11 billion in April, up from just $1.7 billion in March. Pump.Fun also surged to $3.3 billion in the same month, bolstered by its ties to memecoin launches—including a notable one linked to Donald Trump.

Still, the memecoin mania has not been without hiccups. In March, investor enthusiasm dipped after the failed launch of Libra (LIBRA), which CoinGecko’s Bobby Ong highlighted as a cautionary tale. Nevertheless, the market’s appetite for risk appears undeterred—for now.