Analysts from the popular cryptocurrency aggregator CoinGecko have released a report titled "2025 State of Memecoins" with an overview of the memecoin market. Among other things, the authors noted that the end of another "memecoin season" came at the beginning of 2025 and coincided with the controversial launches of TRUMP tokens with the support of the team of US President Donald Trump and LIBRA, whose advertising campaign creators attracted Argentine President Javier Milei.
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Since the end of January and throughout the year, the total market capitalization of memecoins has fallen, and by November it amounted to $47.2 billion, according to the authors' calculations. The report's authors trace the entire history of memecoins, starting with the launch of Dogecoin in 2013, and note that despite the emergence of thousands of new tokens, the main share of capitalization is still concentrated among the "old-timers" — DOGE, SHIB, and PEPE.
The chart below shows historical trading volumes (indicated in purple), the total market capitalization of memecoins (green curve), and key events for the niche — the launch of the major memecoin SHIB, the historical price maximum of DOGE, the launch of the BONK memecoin, the launch of the PEPE memecoin, the launch of the Pump.fun platform, after which capitalization soars, and the launch of the TRUMP token, after which the market has been falling almost non-stop.
In a separate section of the report, CoinGecko notes the "dark side" of memecoins. Among the most common fraudulent schemes, they name rug pulls (sudden withdrawal of liquidity), sniping (instant token buyout by bots at launch before further price growth), bandling (creating the illusion of demand with purchases from insider wallets), fake copies of popular tokens, and honeypots (the inability to sell a token after purchase).










