Santiment: The crypto space is in 'risk' mode while mentions of memecoins reach a year-to-date high.
Dogecoin, in particular, has experienced a remarkable surge in online discussions as various ETF applications in the United States are being studied, says Brian Quinlivan of Santiment.
Online discussions about memecoins have reached their highest level of the year, gaining considerable attention after sentiment cooled earlier this year, according to on-chain analysis platform Santiment.
Two weeks ago, discussions around Bitcoin
BTC
85,614 €
and layer 1 protocols peaked during market volatility caused by widespread tariffs from the Trump administration. However, that has since changed to high market cap memecoins, said Santiment's marketing director, Brian Quinlivan, in a blog post from May 1.
"Online discussions about these high-risk tokens have proliferated as traders adopt a gambling mentality rather than a calculated investment approach," he said.
"This is a telling sign that traders are increasingly investing based solely on speculation and short-term gains," Quinlivan added.