According to crypto price tracker CoinGecko, political discourse drove meme coins to record highs and then fueled a sharp reversal.
In its 2025 State of Meme Coins report, CoinGecko highlighted how election-driven speculation has reshaped the meme coin sector. According to the report, memecoin market capitalization peaked at $150.6 billion in December 2024, surpassing the sector’s previous high in 2021.
CoinGecko attributed this rise to a combination of new token launch pads, Solana experiments, and the growth of political narratives related to the US elections.
The data aggregator noted that election-themed tokens are dominating social media and cryptocurrency exchanges, with the sector’s peak coinciding with the frenzy surrounding President Donald Trump’s re-election.
Political tokens accelerated memecoin collapse
The report said the same political momentum that fueled memecoin’s rise to $150 billion subsequently contributed to the sector’s decline.
The launch of President Trump’s official meme coin TRUMP and LIBRA, which is linked to Argentina’s President Javier Millei, was a turning point for meme coins, with investor confidence declining after the launch.
The TRUMP token attracted criticism after rising to an all-time high of $73 before plummeting. At the time of this writing, the token is trading at around $5.
The Mirei-linked LIBRA token sparked an investigation after insiders cashed out over $107 million in liquidity shortly after its launch.
CoinGecko’s report suggested that meme coins are evolving into high-volatility products that reflect cultural and political sentiments.
While these narratives have the potential to spur rapid growth, the report highlights how quickly enthusiasm can wane.
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Cryptocurrency’s most speculative sector slumps
By November 2025, the total memecoin market capitalization was below $40 billion, a 73% decline from its peak of $150 billion. At the time of writing, memecoin market capitalization was at its lowest point in 2025 at $38 billion, according to CoinMarketCap data.
Apart from meme coins, non-fungible tokens (NFTs) also struggled in November. According to CryptoSlam, NFT sales for the month fell to $320 million, the lowest of the year.
The story of memecoins may be gone, but Keith Grossman, president of payments company MoonPay, remains optimistic that memecoins will return in another form.
“The next version will not resemble today’s meme coins,” Grossman wrote. “This may not even be called a meme coin; it rewards sustained contributions, alignment, and cultural signals, not just speed and spectacle.”
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