Online discussions about memecoins have reached a year-to-date high, according to Santiment. After sentiment cooled earlier this year, high-risk tokens became the focus for traders, who are adopting a gamble mindset rather than making calculated investments. Santiment’s Brian Quinlivan pointed out that while the overall crypto market rose by 10%, Bitcoin only gained 7%, indicating a shift towards more speculative assets. Particularly, Dogecoin discussions spiked after news regarding potential exchange-traded funds (ETFs) in the U.S., despite delays from the Securities and Exchange Commission. Quinlivan noted that Dogecoin's social dominance has surged after a decline in interest. The spike in memecoin activity mirrors a notable rise in volume on platforms like Pump.Fun, which saw monthly trading volume soar to $11 billion after a lull in March. Traders are drawn to the potential for high returns, but this behavior highlights a trend towards risky investments rather than stable ones.

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