Memetic Fervor Resurges: Meme Coin Hype Touches Yearly Peak, Dogecoin Enthusiasm Skyrockets
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It seems like the gambling mentality has invaded the meme coin market once again as the buzz around Dogecoin (DOGE) reaches an all-time high, and mentions of meme coins online hit their peak for the year. That's according to on-chain analytics firm Santiment, which claims Bitcoin is once again garnering investors' attention due to the fear of missing out (FOMO), whilst traders are increasingly investing in meme coins based on speculation and short-term gains.
“Online discussions about these high-risk tokens have exploded as traders adopt a gamble mindset, instead of a strategic investment approach,” said Brian Quinlivan, Santiment's marketing director, in a blog post.
The gambling mindset and DOGE's skyrocketing sentiment
In the post, Quinlivan asserted that although Bitcoin led the crypto market in terms of gains during the final 8 days of April, money had started to flow into smaller, more speculative cryptocurrencies. He argued that investors are currently in a "greed-driven" phase.
He went on to explain that after Bitcoin's impressive end-of-month rally and subsequent sideways trading, investors began taking bigger risks in pursuit of even higher returns by investing in more speculative and riskier purchases.
Notably, DOGE has seen a massive spike in positive sentiment among the crowd. Despite the US Securities and Exchange Commission (SEC) delaying decisions on various DOGE ETFs (exchange-traded funds), Quinlivan suggested that investors are in a state of cautious anticipation.
DOGE's social dominance had plummeted since early April, but it has recently skyrocketed to its highest level in nearly three months, largely due to the rise in discussions and filings surrounding Nasdaq's ETF listings. Analysts and traders have noticed heavy accumulation by whales, and bullish patterns have started forming in the charts, contributing to the belief that Dogecoin may be entering a new growth phase.
Meme coin activity surges on PumpSwap and Pump.Fun
Coinciding with the rise in online discussions about meme coins, DefiLlama data shows that trading activity on PumpSwap, the decentralized exchange launched by Pump.fun, surged to $11 billion in April from only $1.7 billion a month earlier. Similarly, Pump.fun's trading activity rose to $3.3 billion in April, up from the $2.5 billion trading activity it saw in March.
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- Amid the surge in DOGE's sentiment and meme coin discussions, investors are adopting a gamble mindset, investing in riskier tokens like DOGE, rather than approaching crypto investing strategically.
- Despite the SEC's delay in decisions on Dogecoin ETFs, investors are expressing cautious anticipation, believing that DOGE may be entering a new growth phase.
- Coinciding with the rise in meme coin conversations, trading activity on PumpSwap and Pump.fun has witnessed a significant increase, indicating a surge in meme coin activity.
- Finance and technology sectors, including finance news updates and blockchain networks, are integrating more with entertainment, as evidenced by the increasing popularity of meme coins.
