In 2025, memecoins are entering a clear cooldown phase. Investor interest has dropped nearly 90 percent from the 2024 peak as capital and attention shift toward new narratives such as Privacy and AI. The debate around the future of memecoins is heating up. Is this simply a normal drawdown phase or has the golden era of memecoins come to an end?
In 2025, memecoins are entering a clear cooldown phase. Investor interest has dropped nearly 90 percent from the 2024 peak as capital and attention shift toward new narratives such as Privacy and AI. The debate around the future of memecoins is heating up. Is this simply a normal drawdown phase or has the golden era of memecoins come to an end?
1.Overview of Memecoins
According to recent data compiled by KAITO AI and shared across social platforms, attention toward memecoins has fallen from roughly 20 percent at the end of 2024 to only 2.5 percent by October 2025. This represents a drop of nearly 90 percent.
Search trends reflect the same decline. Google Trends data shows global interest in the keyword “meme coins” falling from its peak score of 100 at the start of 2025 to just 6 in early November, highlighting a steep reduction in community attention.
The total market cap of memecoins is currently around 47.2 billion USD, nearly 60 percent lower year over year. Data also shows extreme capital concentration. Only about 12 major tokens such as DOGE, SHIB, PEPE, BONK and TRUMP hold most of the market, with DOGE taking a dominant share relative to the rest.
Trading volume has also weakened sharply, dropping more than 90 percent in the past year to 6.87 billion USD. This confirms a significant decline in liquidity and capital engagement.
At the same time, the pace of new meme token creation has slowed. Even though more than 13 million meme tokens launched in the past year, the number of new tokens created in September fell 56 percent compared to January.
These figures show that the global memecoin frenzy is cooling across the board in terms of token count, capitalization and investor interest.
According to the latest report from a16z, “practical blockchain applications enabled by sensible policy and bipartisan legal clarity” are among the reasons behind the loss of memecoin appeal as attention shifts toward other sectors.
AI agents and DeFi protocols are absorbing large inflows. Many tokens within the x402 ecosystem have posted triple digit and even quadruple digit gains, while Perp DEXs are booming with attractive liquidity and returns.
The community is divided over the future of memecoins:
Some analysts view this as a potential “generational bottom,” where ultra-low interest sets the stage for capital rotation back into memecoins.
The skeptical camp argues that search decline, falling volume and shrinking wallet activity signal that the golden age is already over.
2.Memecoins on Solana
Zooming in on Solana, the network that hosted the strongest memecoin explosion, the picture becomes even clearer.
Data from TheBlock shows the number of active wallets on Solana falling to 3.3 million, down sharply from more than 9 million wallets at the January peak. This marks the lowest level in the last 12 months as the memecoin frenzy cools across the network.
User activity on Solana surged dramatically in late 2024 and early 2025 as the chain became the preferred launch environment for new memecoins due to its high throughput and significantly lower fees compared to Ethereum.
However, as 2025 enters its final months, the memecoin market has cooled and active wallet numbers continue to trend down.
Even so, there is a key bright spot. The memecoin launch platform pump.fun continues to deliver impressive performance. At the time of writing, it still generates more than 1 million USD in daily revenue and controls roughly 90 percent of the memecoin launchpad market, demonstrating its dominance over competing platforms.
While active wallets are declining, other metrics on Solana remain positive. TVL across the ecosystem is sitting at roughly 9.8 billion USD, led by major protocols such as Jupiter, Kamino and Jito. New ecosystem components are forming as well, ranging from DEXs and prediction markets to RWA protocols.
Solana ETFs also add to the momentum, with the Bitwise Solana Fund recording 13 consecutive days of net inflows, bringing total inflows to more than 345 million USD
However, in line with the market-wide pullback, SOL has dropped for three straight weeks and is trading in the 140 to 150 USD range, reflecting mild downside pressure as the memecoin wave cools.
In other words, memecoins are undergoing a natural filtering cycle. Weak tokens without community strength or utility are falling out of the spotlight, while strong platforms continue to attract users and capital.
3.Conclusion
The slowdown in new token launches, coupled with fading investor interest, has sparked debate across crypto communities. While some traders view this as a potential bottom and an entry opportunity, others believe the memecoin cycle has already reached its endpoint.
In short, memecoins remain a defining reflection of crypto’s speculative culture, but the shift of capital toward practical use cases is becoming an inevitable market trend. Investors should recognize that high risk and high reward always go hand in hand in the memecoin sector.
Disclaimer: This content does not constitute investment, tax, legal, financial or accounting advice. MEXC provides this information for educational purposes only. Always do your own research, understand the risks and invest responsibly.
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