Dogecoin and Shiba Inu still account for the bulk of memecoin market capitalization.
The global memecoin market lost more than 60% of its value in 2025, even as the broader crypto market hit new highs, according to a new report from analysis platform BestBrokers.
Data from the report shows total memecoin market capitalization fell from $93.1 billion in January 2025 to $36.5 billion by January 2026, a decline of around 61%. The drop came even as the broader crypto market stayed above $3 trillion for much of late last year and briefly reached $4 trillion in market cap.
Trading activity also fell sharply, with memecoin trading volume peaking near $20 billion in mid-2025 before sliding to under $3 billion by December. Volume has since recovered slightly to about $3.4 billion, the report said.
The data suggests that the memecoin surge was fueled mainly by short-term trading. Once activity slowed, prices fell fast, showing that many tokens lacked long-term demand.
“What we’re seeing is a textbook post-hype unwind,” said Alan Goldberg, an analyst at BestBrokers. “Throughout early 2025, memecoins were sustained by heavy speculative inflows, but once trading activity began to thin, market capitalization had little underlying support.”
13 Million Coin Launches
BestBrokers said more than 13 million memecoins were launched in 2025, including TRUMP, a high-profile token linked to U.S. President Donald Trump, but most of these new tokens failed to retain meaningful value. TRUMP is currently trading at $5.43, up 8% on the week, but down 81% over the past year.
Moreover, the memecoin market remains highly concentrated, with Dogecoin and Shiba Inu together accounting for about 84% of total memecoin market capitalization, with valuations of roughly $25.3 billion and $5.2 billion, respectively.
Activity on Solana-based memecoin launchpad pumpfun also slowed sharply, with daily new wallet sign-ups falling about 66% over the year. This is a drop from a peak of nearly 186,000 per day in early 2025 to around 30,000 by December.