Election-linked speculation and viral political tokens reshaped memecoins in 2024 before confidence unraveled in early 2025, CoinGecko data shows.
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Political narratives helped push memecoins to record highs before accelerating a sharp reversal, according to crypto price tracker CoinGecko.
In its 2025 State of Memecoins Report, CoinGecko how election-driven speculation has reshaped the memecoin sector. The report found that the total memecoin market cap peaked at $150.6 billion in December 2024, surpassing the sector’s previous highs in 2021.
CoinGecko attributed the rally to a mix of new token launchpads, Solana experimentation and growing political narratives linked to the United States elections.
The data aggregator noted that coincided with the sector’s peak, as election-themed tokens dominated social media and crypto exchanges.
Political tokens fueled the memecoin collapse
The report said that the same political momentum that fueled the memecoin rally to $150 billion later contributed to the sector’s decline.
The , TRUMP, and Argentine President Javier Milei-linked LIBRA marked a turning point for memecoins, with investor confidence declining after the launches.
The TRUMP token , following a pump to an all-time high of $73. At the time of writing, the token is trading at about $5.
The Milei-linked LIBRA token triggered investigations as insiders in liquidity shortly after its launch.
CoinGecko’s report 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.
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By November 2025, the overall memecoin market cap , representing a 73% decline from its peak of $ 150 billion. At the time of writing, CoinMarketCap data that the memecoin market cap was at $38 billion, its lowest point in 2025.
Apart from memecoins, non-fungible tokens (NFTs) also struggled in November. According to CryptoSlam, NFT sales volumes , its lowest this year.
While the memecoin narrative may have faded, Keith Grossman, the president of payment company MoonPay, remains optimistic that memecoins .
“The next version will not look like today’s memecoins,” Grossman . “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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