CoinGecko: Political Tokens Drove Memecoin Boom and Bust
Election-linked speculation and viral political tokens drove memecoins to record levels in 2024 before sentiment weakened in early 2025, according to data from CoinGecko.
CoinGecko’s 2025 State of Memecoins Report stated that the sector’s total market capitalization reached a high of $150.6 billion in December 2024, surpassing the previous peak set in 2021. The rally was attributed to the emergence of new token launchpads, experimentation on Solana, and expanding political narratives tied to the United States elections. CoinGecko noted that enthusiasm around President Donald Trump’s reelection coincided with the peak, as election-themed tokens drew significant attention across social platforms and exchanges.
Political tokens accelerated the downturn
The report indicated that the same political momentum underpinning the rise to $150 billion also contributed to the reversal. The launches of Trump’s official memecoin, TRUMP, and the LIBRA token linked to Argentine President Javier Milei marked a turning point, with investor confidence weakening after these releases.
The TRUMP token faced criticism after rallying to an all-time high of $73 before declining; it is currently trading near $5. Separately, the Milei-linked LIBRA token prompted investigations after insiders withdrew more than $107 million in liquidity shortly after launch.
CoinGecko’s report said memecoins are increasingly functioning as high-volatility assets reflecting cultural and political sentiment. While such narratives can drive rapid gains, the report emphasized how quickly momentum can reverse.
Speculative crypto segments retreated
By November 2025, the total memecoin market cap had fallen below $40 billion, a 73% drop from its $ 150 billion peak. At the time of writing, CoinMarketCap data shows the memecoin market cap at $38 billion, its lowest level in 2025.
Nonfungible tokens (NFTs) also weakened in November. CryptoSlam reported monthly NFT sales of $320 million, the lowest figure this year.
Despite the pullback, Keith Grossman, president of payments company MoonPay, said he expects the category to evolve. “The next version will not look like today’s memecoins,” Grossman wrote. “It may not even be called a memecoin. It will reward sustained contribution, coordination and cultural signal; not just speed and spectacle.”
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