The crypto market is showing signs of speculative fever as online discussions about memecoins surge to 2025 highs, according to on-chain analytics firm Santiment.
In the past two weeks, investor interest has rapidly shifted from Bitcoin and Layer 1 protocols to high-risk memecoins. This trend follows a period of market uncertainty triggered by new tariffs from the Trump administration. Now, traders appear increasingly driven by short-term profits rather than long-term fundamentals.
“Mentions of risky tokens are skyrocketing,” said Santiment marketing director Brian Quinlivan in a May 1 post. “Traders are adopting a gambling mindset instead of calculated investment strategies. It’s a clear sign that speculation is dominating the market again.”
Memecoin Buzz Surges, Bitcoin Lags
The overall crypto market gained 10% over the last eight days. However, Bitcoin rose just 7%, showing that investors are pouring capital into more speculative altcoins.
“When Bitcoin starts a rally and then consolidates, traders usually rotate into riskier assets,” Quinlivan explained. “They chase higher returns from meme-fueled volatility.”
DOGE Sentiment Spikes Amid ETF Buzz
Dogecoin regained social dominance in late April after weeks of fading attention. Interest surged following the filing of several DOGE ETF applications in the U.S. Though the SEC postponed its decision until mid-June, the DOGE community now appears more optimistic.
“Dogecoin sentiment dropped sharply earlier in April,” Quinlivan noted. “But it’s now at a three-month high as speculation around Nasdaq listings grows.”
Pump.Fun Activity Hits Record Levels
The memecoin frenzy is also visible on-chain. PumpSwap, the decentralized exchange of meme-launch platform Pump.Fun, reported $11 billion in trading volume for April—up from just $1.7 billion in March, according to DefiLlama.
Pump.Fun itself saw monthly volumes jump to $3.3 billion in April, compared to $2.5 billion in March.
This trading boom followed the January 18 launch of a memecoin tied to U.S. President Donald Trump, which helped push weekly volumes on Pump.Fun to a record $3.3 billion.
Interest Wanes After Failed Launches
Despite the recent uptick, trader enthusiasm for memecoins cooled earlier this year. CoinGecko co-founder Bobby Ong reported in March that interest dropped after a string of failed token launches. The collapse of Libra (LIBRA) in February, once hyped as a top meme project, was a key factor behind the slowdown.
Conclusion
While memecoins offer fast gains, they also carry high risk. As speculative behavior intensifies, investors should remain cautious and avoid jumping into hype-driven assets without proper research.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always do your own research before making financial decisions. We are not responsible for any investment losses.
