The crypto market is currently experiencing a notable shift in online discussions, with growing interest in memecoins rather than Bitcoin.

According to the analytics platform Santiment, meme mentions have reached their highest level since the beginning of 2025, revealing a more speculative approach among investors.

Crypto traders are now showing greater interest in memecoins than Bitcoin, according to the latest data from analytics platform Santiment.

The shift in online conversations comes as memecoin mentions reached their highest point since the beginning of 2025, highlighting a more speculative approach among investors.

Interest in memecoins outweighed Bitcoin mentions

According to a May 1 report by blockchain analytics platform Santiment, discussions around memecoins reached their highest point in 2025.

The shift in investor attention follows the Trump administration’s imposition of tariffs, which had a noticeable impact on Bitcoin discussions, peaking two weeks ago. However, with the tariffs now a part of the past, attention has veered towards high-cap memes.

“After Trump tariffs noticeably impacted Bitcoin discussion cycles two weeks ago, it seems like the focus has since pivoted to top-tier memecoins,” said Brian Quinlivan, marketing director at Santiment.

The broader crypto market has increased by 10% over the last eight days, while Bitcoin saw a smaller gain of 7%. The significant difference highlights a behavioral shift as investors now favor riskier assets in hopes of achieving higher returns.

“Those investing in memecoins are adopting more of a gambling mindset than a calculated investment approach, which generally occurs when Bitcoin leads an initial rally and then begins moving sideways,” added Quinlivan.

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.

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

“DOGE’s social dominance has reached its highest level in nearly three months, largely driven by discussions surrounding potential Nasdaq ETF listings,” said Quinlivan.

The shift is also evident in trading volumes. PumpSwap, the decentralized exchange of the Pump.Fun platform, recorded $11 billion in transactions in April, a significant increase from $1.7 billion in March.

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