Emre Yumlu 
After a quiet start to 2024, the memecoin market is roaring back to life as we enter the second quarter. According to on-chain analytics platform Santiment, online chatter surrounding memecoins has surged to its highest level of the year — a signal that investors are once again chasing short-term speculative opportunities.
Brian Quinlivan, Marketing Director at Santiment, remarked in a May 1 analysis that the market mood is shifting toward a “gamble-first mentality”, as traders increasingly focus on risky assets instead of fundamentals. Dogecoin, in particular, has made headlines thanks to renewed buzz around ETF filings in the U.S.
Dogecoin Rides the ETF Wave
Following a significant dip in crowd interest throughout April, Dogecoin has staged a strong comeback fueled by speculation surrounding several DOGE-related ETF applications. Although the U.S. Securities and Exchange Commission has postponed decisions on these proposals until mid-June, sentiment is heating up.
Quinlivan noted that DOGE’s social visibility has climbed to its highest level in nearly three months, suggesting growing anticipation across investor communities.
Memecoin Volumes Explode: Pump.Fun and PumpSwap Take the Spotlight
The memecoin revival can be traced back to January, when former U.S. President Donald Trump launched his own token, sparking a wave of activity. This momentum pushed Pump.Fun’s weekly volume to $3.3 billion shortly after launch.
In April, Pump.Fun’s decentralized exchange, PumpSwap, recorded a dramatic rise in monthly trading volume — soaring to $11 billion, up from just $1.7 billion in March. This growth highlights an aggressive return of capital into high-risk, community-driven assets.
Bitcoin Stalls While Altcoin Risk Appetite Grows
Over the past eight days, the overall crypto market has risen by 10%, while Bitcoin has gained just 7%. According to Santiment, this signals that investors are rotating into more volatile altcoins, hoping for outsized returns.
“When Bitcoin leads a rally but then enters a sideways phase, traders tend to pivot into more speculative plays,” Quinlivan explained, capturing the sentiment of many retail investors in the current cycle.
Interest Returns, but Stability Remains Uncertain
While interest in memecoins is clearly rising, the market’s erratic nature leaves questions about how long this trend will last. Earlier in March, enthusiasm waned following a string of disappointing token launches. One of the most notable flops was the LIBRA token, which dented investor confidence significantly.
In summary, the memecoin space is seeing renewed traction, but the path forward remains uncertain. Traders would be wise to stay cautious as speculation heats up — because in a market driven by hype, the line between opportunity and risk is razor thin.
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