Crypto Speculation Hits Fever Pitch—Santiment Sounds the Alarm

Market intelligence firm Santiment flags surging speculation as traders pile into altcoins like it’s 2021 all over again.

Warning signs flashing: Social volume spikes, exchange inflows jump, and the crowd’s chasing pumps instead of fundamentals. Classic bull market behavior—until it isn’t.

Meanwhile, Wall Street ’experts’ still can’t decide if crypto is dead or the next big thing. Maybe hedge your bets with some Monopoly money.

In brief

• Discussions about memecoins have surpassed those about Bitcoin for the first time in 2025.
• Dogecoin is seeing renewed interest following ETF filing requests in the United States.
• Trading volumes on PumpSwap have exploded, reaching $11 billion in April.

The Rise of Memecoins Against Bitcoin

Santiment, a platform specialized in blockchain analysis, published a report on May 1 revealing that discussions around memecoins reached an unprecedented high in 2025. 

Brian Quinlivan, marketing director at Santiment, explains that while discussions around Bitcoin peaked two weeks ago due to tariffs imposed by the Trump administration, attention has now shifted towards high-cap memes.

Data shows that the overall crypto market has increased by 10% over the last eight days, while Bitcoin gained only 7%. 

This significant difference indicates a behavioral shift among investors, who now favor riskier assets in hopes of achieving higher returns.

Traders are adopting a gambling mindset rather than a calculated investment approach. 

This phenomenon generally occurs when Bitcoin, after leading an initial rally, begins to move sideways, prompting investors to take more risks.

Dogecoin Leading the Speculative Movement

Dogecoin stands out particularly in this trend with a notable increase in positive sentiment after a period of disinterest in April. 

This renewed enthusiasm coincides with the filing of several exchange-traded fund (ETF) requests based on Dogecoin in the United States.

Although the Securities and Exchange Commission postponed its decision regarding these ETFs until mid-June, anticipation remains strong among traders. 

According to Quinlivan, “DOGE’s social dominance has reached its highest level in nearly three months“, mainly due to discussions surrounding potential Nasdaq ETF listings.

This trend is also reflected in trading volumes. PumpSwap, the decentralized exchange of the Pump.Fun platform, recorded $11 billion in transactions in April, compared to only $1.7 billion in March. 

Meanwhile, the monthly trading volume on Pump.Fun reached $3.3 billion in April, marking significant growth.

The shift in online discussions towards memecoins confirms that the crypto market is currently experiencing a phase of intense speculation. The enthusiasm for memecoins, although risky, reflects the ongoing evolution of an ecosystem where the balance between rational investment and opportunistic speculation remains fragile.

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