CoinGecko Says Memecoins Surged to $150B Before 82% Interest Drop

Memecoins had a massive year. According to CoinGecko’s State of Memecoins Report 2025, the sector’s total market value surged to a record $150.6 billion in 2024. That marked the highest level ever for meme-driven tokens. The rally did not come out of nowhere. CoinGecko linked the sharp rise to a mix of hype cycles, new launch platforms and political narratives. 

In particular, Donald Trump’s re-election campaign became an unexpected catalyst. Political tokens and election-themed memes pulled in new attention fast. However, the momentum did not last. By early 2025, interest cooled sharply. CoinGecko said overall memecoin interest has dropped by 81.6% since the start of the year. Market value followed the same path, shrinking as excitement faded.

DOGE Still Leads, Even as New Memes Emerge

Despite years of competition, Dogecoin remains the anchor of the memecoin market. DOGE currently holds 47.3% of the entire sector by market share. That dominance stands out, especially after waves of new tokens tried to steal the spotlight. Still, the report shows that attention is no longer limited to one coin. Even when DOGE is removed from the picture, dog-themed memecoins continue to dominate. 

Chart 1 – DOGE Market Cap and Share of Memecoin Market 

Together, they account for 39.5% of the total memecoin market value. At the same time, other animals joined the race. Frog and cat tokens gained serious traction in 2024. Coins like PEPE, POPCAT, and MEW helped expand the category beyond dogs. AI-themed and political memecoins also surged late in the cycle. Yet many of those tokens later fell hard as sentiment shifted.

The US Leads Interest, Emerging Markets Follow

Geography played a big role in memecoin demand. CoinGecko data shows that the United States became the most active audience in 2025. US users accounted for 30% of memecoin page views in November, up from about 20% earlier in the year. India also ranked high at the start of 2025. However, interest later spread across emerging markets. Seven of the top ten countries tracking memecoins came from developing economies. 

Chart 2 – Countries Most Interested in Memecoins

These regions made up nearly 38% of the total global interest. Among developed markets only the US, Germany and the Netherlands appeared in the top ten. CoinGecko said this mix highlights how memecoins often resonate where retail participation is strongest. Even so, global curiosity has faded alongside falling prices.

Independent Tokens Still Control the Market

Memecoin launchpads became popular in 2024 and early 2025. Platforms like Pump.fun made it easy to create and trade new tokens. As a result, launchpad memecoins briefly captured attention and volume. Their market share peaked at 20.5% in January 2025. Yet independent memecoins still dominate.

Chart 3 – Launchpad vs Non-Launchpad “Independent” Memecoins

CoinGecko found that non-launchpad tokens now control 86.2% of the total memecoin market value. In other words, most capital still flows to standalone projects rather than factory-made launches. The takeaway feels familiar. Memecoins move fast. They rise on culture, timing, and hype. But when attention shifts, interest disappears just as quickly. As CoinGecko’s data shows, the meme economy remains powerful, unpredictable, and very short on patience.