According to Santiment, Bitcoin (BTC), Raydium (RAY), and Frax (FRAX) are currently at the center of social media discussions.

Much of the growing discourse is focused on market volatility and governance changes within the crypto ecosystem.

The Top 3 Trending Tokens

Santiment’s February 25 report reveals that BTC is getting attention due to a recent acquisition from Michael Saylor’s Strategy (formerly MicroStrategy).

The firm purchased 20,356 BTC for approximately $1.99 billion, increasing its total holdings to 499,096 BTC bought for around $33.1 billion. This investment, alongside a yield of 6.9% YTD 2025, has been widely discussed within the crypto market, particularly regarding its impact on the asset’s price fluctuations.

RAY is trending following a recent 29% decline in  a day and a 50% slump since Friday that was caused by rumors of a competing platform launching its own automated market maker (AMM). This speculation has raised concerns over liquidity shifts within the Solana ecosystem, leading to increased investor attention toward the token.

Pump.fun is reportedly testing an AMM that, if implemented, could reduce the platforms reliance on Raydium. The decentralized exchange currently facilitates trading for tokens launched on the Solana meme coin maker.

FRAX has also been a focal point in conversations, with debates surrounding tokenomics, governance, and inflation. Various proposals have been introduced regarding changes to the coin’s emissions, branding, and incentive mechanisms.

Ongoing discussions are centered on the tokens inflationary nature and relationship with FXTL and the potential impact these changes could have on its value and utility within the market.

Other Trending Cryptocurrencies on Santiment’s List

The blockchain analytic firm also highlights Ethereum (ETH), Frax Shares (FXS), and Kendu Inu (KENDU) as trending digital assets. ETH has seen increased discussions following its association with GrokAI3.0, a new project focused on advancements in AI technology and its potential financial implications.

FXS, which is linked to FRAX, has also been widely mentioned, with many raising concerns about its potential dilution and implications for liquidity and value.

On its part, KENDU has gained attention as part of a growing community-driven approach to digital assets. According to Santiment, talks around it largely highlight the importance of strong group bonds and collective effort over speculative trading.

The token has been compared to cryptocurrencies like Shiba Inu (SHIB) and Dogecoin (DOGE), with enthusiasts emphasizing its long-term potential as the market evolves. Some believe it represents a shift toward community-focused investments rather than gambling and pump-and-dump schemes.