Online chatter around high-risk crypto tokens has surged to its highest point so far this year, signaling what onchain analytics firm Santiment describes as a “gamble mindset” taking hold among traders. Discussions of memecoins have eclipsed those of Bitcoin and other layer‑1 protocols, reversing a cooler sentiment seen earlier in 2025 and underscoring a shift toward speculation‑driven moves rather than long‑term strategy.
Santiment’s marketing director, Brian Quinlivan, points out that while the broader crypto market grew around 10% over the last eight days, Bitcoin itself only gained about 7%, implying that investors are chasing outsized returns through more volatile assets. Investors typically start taking greater chances in the hopes of achieving even greater gains whenever Bitcoin leads an initial rise before moving sideways, according to Quinlivan.
Source: Santiment
Dogecoin, in particular, has become a focal point of this renewed fervor. After seeing its crowd interest dip in April, DOGE’s social dominance has spiked to a three‑month high amid news of multiple applications for a Dogecoin exchange‑traded fund in the United States. Although the U.S. Securities and Exchange Commission has delayed decisions on these filings until mid‑June, traders appear undeterred, trading on the prospect of regulatory approval.
Meanwhile, decentralized exchanges tied to memecoin launches are enjoying unprecedented volumes.PumpSwap, part of the Pump.Fun ecosystem, saw monthly trade increase to $11 billion in April, up from $1.7 billion in March. Pump.Fun’s $3.3 billion monthly volume suggests that there is still a market for tokens with a fun theme.
The frenzy traces back to January’s surprise debut of a memecoin associated with former President Donald Trump, which briefly drove weekly volumes to record heights. Although initial enthusiasm waned in subsequent months following a slew of lackluster launches, the recent uptick suggests retail traders remain willing to embrace high‑risk gambles in pursuit of quick gains.
