As April 2025 came to an end, the cryptocurrency landscape witnessed a significant surge, particularly within the realm of meme coins. This movement was notably propelled by an unexpected increase in Bitcoin’s value, which fluctuated between the $94,000 and $96,000 marks, capturing the attention of retail traders once again.
Insights shared by Santiment indicate that this late-month rally not only enhanced asset portfolios but also rekindled retail enthusiasm, sparking a chain reaction across altcoins, with meme coins taking the spotlight.
The sentiment towards Bitcoin, Ethereum, XRP, BNB, Solana, and Dogecoin now shows a stark contrast post a robust three-week recovery in the crypto sphere. In our latest findings, we explore how the market has shifted from fear to a hint of greed in partnership with @Bybit_Official! https://t.co/MDG9cfW05M pic.twitter.com/rz3eBvZmbj
— Santiment (@santimentfeed) May 1, 2025
During the last eight days of April, Bitcoin rose by 7%, while the overall market increased by 10%. This pattern represents a common trend where traders transition towards riskier investments in search of greater returns when Bitcoin leads a market rally and subsequently slows down. Meme coins, regarded as the assets of speculation, have surged to the forefront.
The shift towards these riskier assets is characterized by an uptick in social engagement, with terms like “alt season” and “bull cycle” gaining traction across various platforms.
Source: Santiment
Santiment has cautioned that this phase of retail-driven speculation may signal an nearing exhaustion of greed. Historically, such surges in retail discussions have often preceded market corrections.
Bitcoin: From Despair to Delirium
The return of Bitcoin to the mid-$90,000 range has bolstered confidence among retail traders, effectively reversing the bearish sentiment that had prevailed in early April.
Previously, Bitcoin’s correlation with a declining S&P 500 had led to fears of a potential drop below $70,000, and even concerns of descending to $50,000.
These worries were reflected in online sentiment from April 6 to April 18, where price forecasts predominantly suggested declines.
Source: Santiment
However, a significant shift occurred as Bitcoin surpassed expectations, steadily increasing and breaking through established resistance levels.
Social media discussions that had forecasted a downturn are now filled with optimistic projections of $100,000 to $159,000. While Bitcoin discussions still capture about 25% of the most notable crypto conversations, the sentiment has noticeably swung in favor of bullish discourse.
Source: Santiment
Analysis from Santiment underscores that this positive sentiment is clear in discussions and projections surrounding the asset.
The enthusiasm driven by fear of missing out has historically initiated waves of retail investment moving into smaller altcoins.
If the trend seen in April continues, Bitcoin’s potential sideways trend in May might lead to increased volatility among lesser-known assets.
In contrast, Ethereum has struggled to generate excitement in 2025. Unlike competitors such as Bitcoin, Solana, and XRP, Ether has not demonstrated the same performance, resulting in diminished interest from retail investors.
Source: Santiment
In 2022 and 2023, Ethereum represented around 10% of discussions concerning the top 100 assets; however, that number has plummeted to just 6-7% in 2025.
Conversely, XRP is experiencing a revival of positive sentiment. The likelihood of an XRP Spot ETF receiving approval by the end of 2025 has jumped from 65% to 85%.
Retail traders, sensing a shift in the regulatory landscape under a more accommodating SEC, are anticipating new all-time highs.
Solana and Dogecoin: One Battling Bots, the Other Buoyed by ETFs
Solana finds itself in a curious predicament: frequently mentioned yet experiencing a decrease in authentic engagement.
Per Santiment’s findings, Solana only constitutes 4.4% of all crypto discussions, down from 6-7% in January. A 38% drop in its performance over the past three months likely contributes to this decline in social relevance.
Source: Santiment
Despite these trends, Santiment has noted peculiar sentiment patterns, where positive sentiment often surpasses negative remarks, even when Solana’s price movements do not justify such perceptions.
While genuine interest may be waning, Solana continues to be a part of the conversation around ETFs, with growing institutional curiosity being reflected in speculation about a potential Solana Spot ETF. Nonetheless, SOL currently finds itself in a tumultuous space, caught between diminishing retail interest and artificially inflated hype.
On the flip side, Dogecoin is benefiting from an enhanced reputation among institutional investors. The leading meme coin saw an uptick in popularity as significant firms like 21Shares and Bitwise submitted applications for Dogecoin Spot ETFs.
Dogecoin whales scoop up 100M DOGE in a week, fueling $0.20 breakout hopes as bullish momentum builds.#Dogecoin #CryptoWhaleshttps://t.co/94S1y1VLhM
— Finance Newso.com (@Finance Newso) May 1, 2025
Nasdaq has even initiated paperwork to list the 21Shares DOGE ETF, indicating a recognition of Dogecoin’s potential driven by retail enthusiasm.
Such developments have sparked excitement within the Dogecoin community, drawing in new investors, despite the SEC postponing its decision on the ETF filings until mid-June.
The latest report from Santiment vividly describes a crypto market energized by speculation rather than strategic investment.
From Bitcoin’s recovery to the speculative pursuits in meme coins and altcoins, the market appears to be engulfed in yet another wave of euphoria.
Whether this momentum towards meme coins will prove lasting or ultimately falter remains to be seen.
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