The True Portrait of Meme Coins in 2025: From Glory to Collapse

According to the latest data from the BestBrokers analysis platform, although the overall cryptocurrency market cap still hovers around $3 trillion and even briefly surged to the $4 trillion mark, the performance of meme coins this year has been quite lamentable—an absolute rollercoaster.

**Market Cap Halved, Trading Activity Plunges to Ice Age**

Numbers speak the loudest. The total market cap of meme coins dropped from $93.1 billion at the beginning of the year to just $36.5 billion in January, a decline of nearly 60%. Trading volume is even more shocking, plummeting from a peak of nearly $20 billion mid-year to less than $3 billion in December. Although there has been a recent rebound to $3.4 billion, it is a steep decline compared to the peak period.

**Projects Flood the Market, Over 90% Become Waste Paper**

Even more exaggerated is the supply side. Over 13 million new meme coins were created throughout 2025, which is an insane speed of creation. But the harsh reality is that most projects failed to maintain basic value and almost became synonymous with "instant death."

**Market Imbalance, Two Giants Dominate**

Interestingly, despite the explosive growth in the number of projects, the market has become increasingly concentrated. Dogecoin and Shiba Inu, the two veteran meme coins, now account for 84% of the entire meme coin market cap. The remaining millions of projects only share a tiny slice of the remaining pie.

**Solana Ecosystem Also Affected**

On the Solana chain, the well-known launchpad pumpfun saw a 66% decrease in daily active wallet registrations, directly reflecting a significant decline in market participation enthusiasm.