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Dogecoin, in particular, experienced a significant rise in online discussions as several ETF applications were considered in the United States, according to Brian Coinlefan from Santiment.
Discussions on social media about memecoins have reached their highest level since the beginning of the year, gaining significant attention after sentiments calmed earlier this year, according to onchain analytics platform Santiment.
Two weeks ago, discussions about Bitcoin were underway.
Bitcoin
$96,696
Layer one protocols peaked during market volatility caused by comprehensive tariffs imposed by the Trump administration. However, this trend has since shifted to high market cap meme coins, according to Santiment's marketing director, Brian Coinlefan, in a blog post dated May 1.
He said, 'Discussions on these high-risk tokens have spread significantly as traders adopt a gambling mindset, rather than a calculated investment approach.'
Coinlefan added, 'This is a clear sign that traders are increasingly investing based on speculation and short-term gains only.'
Social media, data, and memecoin
Discussions on social media about meme coins peaked in 2025, surpassing discussions about Bitcoin. Source: Santiment
Coinlefan said that the cryptocurrency market overall has risen by 10% in the past eight days, but Bitcoin gained only 7%, indicating that traders are turning to speculative assets.
He said, 'Every time Bitcoin leads an initial rally and then starts to move sideways, investors generally begin to take on greater risks in hopes of achieving higher returns through more speculative and risky purchases.'
Dogecoin discussions surged with news of ETF listings
In particular, Dogecoin
Dog
$0.18
DOGE stocks saw a notable increase in positive public sentiment after a significant drop in public interest during April, as various ETF applications for DOGE were submitted in the United States.
Although the SEC has postponed its decision on these filings until mid-June, Coinlefan says traders are in a state of cautious anticipation.
Until late April, public interest in Dogecoin stock had seen a significant decline. But its dominance on social media jumped to its highest level in nearly three months, with increasing conversations and files related to ETF listings on NASDAQ, he said.
Social media, data, and memecoin
Dogecoin has seen a notable increase in positive public sentiment. Source: Santiment
Data from DefiLlama shows that PumpSwap, the decentralized exchange for the memecoin launch platform Pump.Fun, saw a rise to $11 billion in monthly trading volume during April after recording only $1.7 billion in March.
Related: The rise of failed cryptocurrency tokens, with one in four tokens launched since 2021 failing in the first quarter: CoinGecko
Meanwhile, the monthly trading volume for Pump.Fun rose to $3.3 billion in April, compared to $2.5 billion in March.
Memecoin activity saw a significant increase following the launch of a memecoin for U.S. President Donald Trump on January 18, with Pump.fun recording a weekly trading volume increase of $3.3 billion.
However, the traders' interest in meme coins soon declined. Bobby Ong, the founder of CoinGecko, stated in a report released on March 6 that interest from meme coin investors decreased after a series of failed launches, citing the repercussions of the Libra coin (LIBRA) launch in February as a major trigger.
