Crypto in ‘gamble mindset’ as memecoin mentions hit YTD high: Santiment
Online discussions about memecoins have reached a year-to-date high, shifting focus from Bitcoin and layer-1 protocols amid market volatility. Traders are increasingly adopting a speculative mindset, prioritizing short-term gains over calculated investments. The overall crypto market rose 10% recently, with Bitcoin gaining only 7%, indicating a trend towards riskier assets. Dogecoin has experienced a surge in positive sentiment following a decline in April, attributed to applications for DOGE exchange-traded funds in the US, despite the SEC delaying decisions until mid-June. PumpSwap, a decentralized exchange for memecoins, saw monthly trading volume soar to $11 billion in April from $1.7 billion in March. Pump.Fun's trading volume also increased to $3.3 billion in April. Memecoin activity initially spiked after the launch of a memecoin by Donald Trump but cooled due to poor investor interest following several bad launches.
