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The truth about the Meme coin market: from fringe joke to a $63.6 billion speculative battlefield
Meme coins were originally just jokes within the community, but now they’ve become a battlefield of real money. The total market capitalization is $63.6 billion, with an average daily trading volume of $7.6 billion—these numbers are no joke.
What’s been happening lately?
The entire Meme coin sector saw a capital surge of over 500% in 2024. By early 2025, speculative funds flooded from mainstream cryptocurrencies into Meme altcoins like a flood. The US SEC also joined the fun, directly classifying most Meme coins as collectibles rather than securities—meaning less regulatory protection.
Speaking of explosive events, $TRUMP is a legend. Launched on January 17, 2025, its market cap soared to $27 billion in less than a day. This move directly ignited the entire presidential-themed token track, with over 700 Trump-themed clones appearing within weeks, including 192 using family member names and 67 claiming to be “official.”
By mid-2025, BNB Chain captured 45% of Meme coin DEX trading volume, overtaking SOL (25%) and Ethereum (20%). Even more astonishing, Pump.fun collected nearly $500 million in fees, issued over 11 million tokens, with 98% going to zero within 24 hours. Now, it’s facing federal lawsuits.
SOL ecosystem: the blockchain hijacked by Meme coins
Looking at SOL data reveals how absurd things have gotten. Over 60% of economic activity is linked to Meme coins. Telegram bot accounts generate 26% of application revenue, mainly through automated trading and Meme coin issuance. Issuance platforms account for 23%, showing how crazy new coin launches are. Wallet contributions make up 18%, and trading apps 14%.
Interestingly, traditional DEXs only account for 4%. This indicates Meme coin traders prefer bots and issuance platforms over decentralized exchanges. This dependency is quite risky.
Market overview
Meme coins account for 5% to 7% of the global crypto market cap. In January 2025 alone, 1.7 million new Meme tokens were issued—averaging over 800,000 per month. Some platforms even claim to have issued millions.
The best-performing Meme coins have an average return of 150%, but behind this figure lies a brutal reality: the low entry barrier is terrifying, with most skipping audits and reviews, carrying extremely high rug risks.
The Meme coin development service market is now valued at over $7 million, which itself shows the problem—those who make the shovels are always more stable than those digging for gold.
Price forecast (for reference only)
Average price projections roughly are:
Of course, predictions are just guesses; take with a grain of salt.
Top players landscape
Data from October 2025 shows that the top 10 Meme coins account for about 90% of the total market cap in the sector.
DOGE remains the leader with a market cap over $31.59 billion. SHIB is second with $6.29 billion. PEPE follows with $3.2 billion. Floki hovers around $700 million, and BONK surged 15% in July 2025, reaching a market cap of $1.6 billion.
$TRUMP was the craziest, spiking to $27 billion in 24 hours before dropping sharply. Notably, 80% of $TRUMP tokens are controlled by Trump or his affiliates, generating over $350 million in revenue.
Volatility: this is no heart-attack game
In SEC’s regulatory alert in February 2025, they explicitly stated: Meme coin prices are highly volatile, with risks higher than most crypto assets.
BONK is the most volatile mainstream Meme coin. The 60-day survival rate of newly issued tokens is below 8%, with most losing over 97% of their peak value during rapid crashes. Daily volatility of Meme coins typically exceeds 11.7%, far higher than Bitcoin. Tokens like POPCAT have experienced 53% daily price swings.
In the first half of 2025, the Meme sector’s average year-to-date return was +1,313%, making it the only profitable crypto sector. But before Q3, average gains and losses were +33.08%, driven by a few stellar performers.
Social-driven surges often follow 2x to 4x breakout moves. Price crashes driven by whales or bots can magnify hourly volatility by 6 times.
Trading volume data
At its peak in Q1 2025, Meme coin trading volume accounted for 25% of total crypto trading volume. But from January to April, the Meme sector lost about 58% of its value, and trading volume dropped about 63%.
By mid-2025, Dogecoin and PEPE maintained 24-hour trading volumes of over $500 million and $760 million respectively. In early October, top Meme coins kept daily trading volumes above $9 billion.
Pump.fun’s daily trading volume fluctuated between $96 million and $320 million, with total historical trading volume surpassing $73 billion by Q4 2025.
Less than 5% of all issued Meme coins can sustain high trading volume after the first 72 hours. Viral social media sharing and celebrity effects are core drivers behind sudden volume spikes.
Thematic trends
Animal-themed: DOGE, Shiba Inu, BONK, WIF had a combined market cap exceeding $30 billion in 2025, dominating Meme branding. BONK is approaching a milestone of destroying 1 trillion tokens this year.
Frog-themed: Led by PEPE, with daily trading volume surging over $1.7 billion in July 2025, and social engagement rising 27% MoM.
Political satire: $TRUMP, MAGA, BODEN, etc., during major US political events, pushed SOL Meme coin trading volume to $26 billion.
Pop culture: During TikTok trend surges, daily price peaks can reach 300% to 600%.
Super-deflationary Meme coins with burn mechanics account for about 21% of the best-performing issues this year. But tokens lacking utility and promising “10x returns” often surge for weeks before fading away.
Blockchain distribution: who are the winners?
Meme coin issuance is increasingly migrating to blockchains with average transaction fees below $0.01. SOL, Base, and BNB together account for 95% of new Meme coin issuances. Ethereum’s market share in Meme coins fell below 5% in Q2 2025.
SOL platform data is astonishing: Since January 2024, over 6 million Meme coins have been issued on Pump.fun. During peak in February 2025, daily issuance reached 70,000, then dropped to 25,000. By mid-2025, the daily issuance of SOL Meme coins supported in total 65,000 per day.
SOL Meme coin DEX trading volume hit a high of $206 billion in January 2025, accounting for 79% of total trading activity for that month. But less than 2.1% of SOL Meme coins were “upgraded” from issuance platforms to mainstream DEXs like Raydium.
Cross-chain strategies
In 2025, 21% of the top 100 Meme coins implemented cross-chain minting/burning mechanisms. Over 13 million distinct wallet addresses interacted via cross-chain bridges. During celebrity token launches and NFT airdrops, total cross-chain bridge activity increased by 420%.
DOGE and SHIB support more than four major chains, with active bridging networks spanning BNB, Base, Arbitrum, Polygon, and Ethereum. Ethereum and SOL together account for 78% of cross-chain settlement value for all Meme coins, with Base’s share rising to 16% in summer 2025.
By September 2025, security incidents related to cross-chain bridges caused losses exceeding $190 million.
Social media: emotion drives everything
Mentions of #Meme币# and related tags increased by about 53% from January 2024 to 2025. Viral memes, influencer posts, and coordinated campaigns can trigger 20% or more price swings within hours.
X, Reddit, Discord, and TikTok are the main emotion drivers. Many Meme coin communities have Discord or Telegram groups with 50,000 to 100,000 members. Some projects run “Meme contests,” AMAs, or NFT giveaways to boost virality.
But comment bots and fake accounts inflate engagement metrics, masking genuine interest.
Investor profiles
Among US crypto investors, about 31% say their first crypto exposure was through Meme coins. Younger investors are more active. Many Meme coin holders have small positions, often less than 1% of their total portfolio. Some “whales” may control 20% to 50% of circulating supply of certain tokens.
Many retail investors jump in after short-term rallies, exposing themselves to reversal risks. Institutional interest is emerging but mainly through structured themed funds or small allocations.
Risks and scams: the brutal truth
Since 2025, the crypto service sector has lost over $2.17 billion. Analysts estimate that up to 95% of newly issued tokens are likely scams or low-probability projects. 60% of new tokens have a lifespan under 24 hours.
Less than 15% of Meme coins issued in 2025 have undergone any form of smart contract audit. Over 25% of audited SOL Meme coins have centralization risks in token distribution. Over 91% of new Meme coins on Base have at least one security vulnerability.
Main attack vectors include: mint/burn logic flaws, owner drain exploits, delegatecall misuses. Automated bot-driven sandwich attacks and front-running exploits have led to market manipulation in over 35% of low-liquidity pools.
Sniping bots: the hidden hunters
On platforms like Pump.fun, up to 80% of early trading volume is driven by sniping bots. These bots can execute trades within less than a second after new Meme coin liquidity events. In some issues, bots account for over 70% of unique wallet interactions within the first 10 blocks.
Largest bot-driven trades can generate 100% to 500% price peaks within minutes, then reverse quickly. A single sniping bot can earn over $6.8 million in profit in a month on Pump.fun alone, with single trades returning up to 2227x.
Complex sniping bots monitor DEX memory pools, analyzing new contract deployments to anticipate hundreds of issues per month.
Historical overview
2023-2024 bear market: Meme coin prices plunged up to 85%, with over 60% failing to survive six months.
Early 2024: Top five Meme coins accounted for over 40% of all crypto speculation trading volume.
Between Q1 and Q2 2024: Market cap surged over 550%, surpassing most other crypto sectors.
May 2024: Independent wallet holders exceeded 18 million.
End of 2024: Over 30% of leading Meme coins added community governance features. Total trading volume soared to over $35 billion.
DOGE’s market cap remained above $10 billion throughout the year. Tokens like PEPE and FLOKI achieved over 100x returns from launch to peak.
Final words
Meme coins have shifted from fringe jokes to an essential part of speculative markets. But behind the gains lie disproportionate risks, scams, hacks, and ruthless volatility.
If you’re going to play this game, thorough due diligence, on-chain analysis, and community signals are not optional—they are essentials. Remember: 95% of new tokens may be scams, and 60% won’t last 24 hours.
This is not investment advice—just market reality.