Memecoin boom turns into quiet capitulation after $150 billion peak
The memecoin market has experienced a quiet capitulation, with volume and market cap significantly declining from its $150.6 billion peak.Summary
The memecoin market, which peaked at $150.6 billion in late 2024, is now quietly unwinding, with its total market capitalization slumping nearly 70% to just over $47 billion by November 2025. Daily trading volumes reflect this decline, tumbling to under $5 billion this month after surging over 760% to $87 billion in 2024 following major exchange listings. Pageviews have also dropped by more than 80% this year. Growth was fueled by easy liquidity, viral platforms like Pump.fun, and political narratives, but most tokens, including AI- and politics-linked ones, have sharply retraced due to rapid distribution and thin secondary demand. Despite the rise of launchpads, over 86% of the sector is still dominated by independent memecoins, and interest skewed heavily toward the U.S., which has also seen engagement decline.
(Source：CoinDesk)