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Political narratives helped propulsion memecoins to grounds highs earlier accelerating a crisp reversal, according to crypto terms tracker CoinGecko.
In its 2025 State of Memecoins Report, CoinGecko highlighted however election-driven speculation has reshaped the memecoin sector. The study recovered that the full memecoin marketplace headdress peaked astatine $150.6 cardinal successful December 2024, surpassing the sector’s erstwhile highs successful 2021.
CoinGecko attributed the rally to a premix of caller token launchpads, Solana experimentation and increasing governmental narratives linked to the United States elections.
The information aggregator noted that enthusiasm surrounding President Donald Trump’s reelection coincided with the sector’s peak, arsenic election-themed tokens dominated societal media and crypto exchanges.
Total memecoin marketplace headdress and trading volume. Source: CoinGeckoPolitical tokens fueled the memecoin collapse
The study said that the aforesaid governmental momentum that fueled the memecoin rally to $150 cardinal aboriginal contributed to the sector’s decline.
The launches of Trump’s authoritative memecoin, TRUMP, and Argentine President Javier Milei-linked LIBRA marked a turning constituent for memecoins, with capitalist assurance declining aft the launches.
The TRUMP token attracted disapproval aft it spiraled downward, pursuing a pump to an all-time precocious of $73. At the clip of writing, the token is trading astatine astir $5.
On the different hand, the Milei-linked LIBRA token triggered investigations arsenic insiders cashed retired implicit $107 million successful liquidity soon aft its launch.
CoinGecko's study suggested that memecoins are evolving into high-volatility instruments that bespeak taste and governmental sentiment.
While these narratives tin spur accelerated growth, the study highlighted however rapidly enthusiasm tin unwind.
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Crypto’s astir speculative sectors spot downturn
By November 2025, the wide memecoin marketplace headdress had sunk beneath $40 billion, representing a 73% diminution from its highest of $ 150 billion. At the clip of writing, CoinMarketCap information showed that the memecoin marketplace headdress is astatine $38 billion, its lowest constituent successful 2025.
Apart from memecoins, non-fungible tokens (NFTs) had besides struggled successful November. According to CryptoSlam, NFT income volumes fell to $320 cardinal during the month, its lowest this year.
While the memecoin communicative whitethorn person faded, Keith Grossman, the president of outgo institution MoonPay, remains optimistic that memecoins will instrumentality successful a antithetic form.
“The adjacent mentation volition not look similar today’s memecoins,” Grossman wrote. “It whitethorn not adjacent beryllium called a memecoin. It volition reward sustained contribution, coordination and taste signal; not conscionable velocity and spectacle.”
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