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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Memecoin Madness: LIBRA and Poor Launches Cooling Investor Interest

According to CoinGecko founder Bobby Ong, interest in memecoins appears to have cooled due to bad launches and rug pulls. In a March 6 report, Ong noted that metrics for the Pump.fun platform dropped by 90% following the Libra (LIBRA) rug pull. The launches of TRUMP and MELANIA marked the peak of this trend, as liquidity was drained from other cryptocurrencies.

At the time, Pump.fun reached an all-time high of $3.3 billion in weekly trading volume, but volumes fell by 63% from January to February. CoinMarketCap data shows that the total market cap of these coins dropped from $124 billion to $54 billion.

Ong stated that after Libra’s launch, insiders cashed out $107 million, wiping out 94% of the token’s value, which ended the memecoin craze.

Seasonal, But Survivors May Endure

Ong notes that while these coins are “always going to be seasonal,” some will continue to survive despite fluctuating market cycles.

In February, onchain analytics platform Santiment observed that interest in memecoins had waned, with attention shifting back to Bitcoin, Ether, and other layer-1 altcoins, signaling a healthier market cycle for crypto.

Ong speculates that the market may be heading toward an “extreme case of power law,” where 99.99% fail, and a few coins rise to the top and endure.

“Coins like DOGE, SHIB, and BONK have weathered market cycles and offer lessons for memecoin creators looking to build long-term assets,” Ong said.

“The most successful memes are those that have managed to build cult-like communities, passionately dedicated to a cause, who won’t sell and can create content or stories organically.”

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