CoinGecko: Political tokens drove 2024 memecoin surge to $150.6B peak and 2025 crash

CoinGecko's 2025 State of Memecoins Report says election-driven political tokens helped push the sector's market cap to a record $150.6 billion in December 2024 before a steep decline. By November 2025, memecoins had fallen below $40 billion and NFT sales volumes also slid to $320 million, while some industry figures still expect memecoins to return in a new form.