Memecoin Market Slumps Nearly 70% From Peak in December 2024
The memecoin market capitalization reached approximately $150 billion at the end of 2024, marking its peak in December of that year. However, by November 2025, the market cap had declined by nearly 70%, falling to just over $47 billion.
Daily trading volumes in memecoins also saw a significant drop, decreasing from a peak of $87 billion in 2024 to just under $5 billion in December 2025. Exchanges continued to list tokens such as WIF and PEPE during this period.
Dogecoin remains the dominant token, accounting for about $20 billion of the total market capitalization. Other prominent tokens like SHIB, TRUMP, and PEPE collectively add roughly $6 billion, resulting in more than half of the market cap being concentrated in five tokens.
US-based memecoin-related traffic comprised about 30% of overall activity by November 2025, although overall engagement dropped throughout the year despite increased regulatory clarity.
The rapid growth of 2024 was largely driven by easy liquidity, the rise of Solana-based token factories such as Pump.fun, and memecoins linked to pop-culture and political themes. In 2025, AI- and politics-related memecoins including TRUMP were launched but mostly saw their values retrace.
Launchpads played a role in facilitating entry to the market, with tokens from Pump.fun briefly surpassing 20% of the market cap. Despite this, independent memecoins continue to dominate over 86% of the sector due to a lack of durable liquidity.
