A “gamble mindset” has returned to the meme coin market as social sentiment round Dogecoin (DOGE) soars and the variety of on-line meme coin mentions hits a 12 months excessive.

That’s in response to onchain analytics agency Santiment, which mentioned Bitcoin is once more attracting traders with ”FOMO concern” whereas merchants are more and more investing in meme cash primarily based solely on hypothesis and short-term positive factors.

“On-line discussions about these high-risk tokens have proliferated as merchants embrace a raffle mindset, moderately than a calculated funding strategy,” Santiment’s advertising director Brian Quinlivan mentioned in a Might 1 weblog put up.

Crypto Merchants And Buyers Enter “Greed-Pushed” Section As DOGE Sentiment Soars

Within the put up, Quinlivan mentioned that though Bitcoin led the crypto market by way of positive factors through the remaining 8 days of April, funds had began to move into smaller cryptos which can be “extra speculative.” As such, he claimed traders are getting into a “greed-driven” section.

📊 The sentiment towards Bitcoin, Ethereum, XRP, BNB, Solana, and Dogecoin are wildly completely different following crypto’s spectacular 3-week rebound. We cowl how concern has transitioned to slight greed in our newest perception, in collaboration with @Bybit_Official! 👇https://t.co/MDG9cfW05M pic.twitter.com/rz3eBvZmbj

— Santiment (@santimentfeed) Might 1, 2025

He added that after Bitcoin’s finish of the month rally and subsequent “sideways” buying and selling, traders began taking “larger dangers in hopes of scoring even greater returns via extra speculative and riskier purchases.” 

Main meme coin, DOGE, particularly, has seen a substantial spike in constructive crowd sentiment, mentioned Quinlivan. 

Regardless of the US Securities and Trade Fee (SEC) delaying choices on varied DOGE ETFs (exchange-traded funds), he mentioned traders appear to be in a state of cautious anticipation.

Till late April, DOGE had been on a significant decline by way of crowd curiosity, however its social dominance has since spiked to its highest degree in almost three months, because the conversations and filings surrounding Nasdaq’s ETF listings have risen, Quinlvan mentioned.

“Analysts and merchants have seen heavy accumulation by whales, with bullish patterns forming within the charts, which has added to the sense that Dogecoin could also be getting into a brand new section of progress,” he mentioned. ”Whereas the SEC’s delays imply that remaining choices are nonetheless pending, the buildup has created a extra optimistic and energized temper across the coin than we’ve seen in a very long time.”

Meme Coin Exercise Surges On PumpSwap And Pump.Enjoyable

Together with the rise in on-line discussions round meme cash, DefiLlama information reveals buying and selling exercise on PumpSwap, the decentralized trade launched by Pump.enjoyable, surged to $11 billion in April from solely $1.7 billion a month earlier.

Equally, Pump.enjoyable’s buying and selling exercise rose to $3.3 billion in April. That is up from the $2.5 billion buying and selling exercise it noticed in March.

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