Political memecoins stole the show in 2025, but DOGE remains the largest memecoin

The memecoin market reached new heights, with volumes exceeding $150 billion by market cap. The tokens that stand out as high-risk assets in the crypto industry have become the playground for US investors, who followed their pro-crypto president, who has hands-on experience in the market as a businessman.

US started 2025 as the country most interested in memecoins, with approximately a 20% share of interest. They also accounted for 30% of Page Views in November 2025. Trump has arguably had the largest effect on the crypto industry and, more so, the memecoin market and the discourse around it this year. 

Political memecoins stole the show, but DOGE remains the largest memecoin 

Most of Trump’s campaign highlights revolved around the crypto industry. He made promises to make the US a crypto nation and promised to fire the former chair of the Securities and Exchange Commission (SEC), Gary Gensler. “On day one, I will fire Gary Gensler,” Trump said. 

Election-driven speculation has reshaped the memecoin sector. This year, election-themed tokens dominated social media and crypto exchanges. According to CoinGecko, the total memecoin market cap peaked at $150.6 billion in December 2024, surpassing the sector’s previous highs in 2021. 

Total memecoin market cap and trading volume. Source: CoinGecko

Before he entered the Oval Office, he launched a memecoin after his name (TRUMP) and his wife’s(MELANIA). The TRUMP token reached a market cap of $14 billion in just 48 hours and attracted an all-time high of $73.

On the other hand, MELANIA gained traction and reached a market cap of 2 billion within hours. The token price also surged to $13, making it a major player.

DOGE, the memecoin market leader, recovered some of its market share from previous years. Notably, the coin surged 13% in 15 minutes after Elon Musk announced his involvement in the US Department of Government Efficiency (DOGE).

However, the memecoin wave that started in March 2024 slowly began to capture DOGE’s market share. It plummeted to a low of 27.3% in October 2024, but it has demonstrated its resilience despite the slew of new challengers, recovering back to 47.3% market share as others faltered.​

Political memecoins quickly unwind

According to reports, the same political momentum that fueled the memecoin rally to $150 billion later contributed to the sector’s decline. The launches of Trump’s official memecoin, TRUMP, and Argentine President Javier Milei’s linked LIBRA also marked a turning point for memecoins. The investor confidence declined after the launches. 

The TRUMP token attracted criticism after it plummeted in value. The US president tried to push his coin through an exclusive dinner with the $TRUMP memecoin’s investors. 

However, Democrats railed against it and have continued to call out the president throughout. The coin is 90% down from its all-time high. It is now trading at about $5. MELANIA coin also erased $5 billion from its market cap after the launch and saw a 48% decline. The coin is now trading at $0.1047.

On the other hand, the Milei-linked LIBRA token triggered investigations as insiders cashed out over $107 million in liquidity shortly after its launch. It is also down 99.27% down with an underwhelming 2 million by market cap.

CoinGecko suggested that memecoins are evolving into high-volatility instruments that reflect cultural and political sentiment. While these narratives can spur rapid growth, the report highlighted how quickly enthusiasm can unwind. 

Memecoins will return to the market in a different form

During the first half of 2024, the market cap of non-launchpad memecoins made up over 99.9% of the total memecoin market cap. However, the ease of use and added visibility of memecoin launchpads allowed new memecoins such as FARTCOIN, MOTHER, and PNUT to reach mainstream attention. 

However, the overall memecoin market cap has sunk below $40 billion, representing a 73% decline from its peak of $ 150 billion. At the time of writing, on-chain data indicate that the memecoin market cap reached its lowest point in 2025, currently standing at $38 billion. 

Keith Grossman, the president of payment company MoonPay, remains optimistic that memecoins will return in a different form. “The next version will not look like today’s memecoins […] It may not even be called a memecoin. It will reward sustained contribution, coordination and cultural signal; not just speed and spectacle,”  Grossman wrote. 

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