Memecoins surged into the mainstream in 2025 as political-themed tokens captured broad attention. The Trump token, launched on the Solana network, rose to a record high of about $8.7 billion in January before retreating more than 90% to just over $1 billion, according to CoinGecko. Officials said there were no conflicts of interest and denied wrongdoing, noting assets are held in a trust managed by Trump’s children. Another Solana-based token, dedicated to Melania Trump, debuted on January 20 and surged as much as 12,000% in 24 hours.
It later traded near its peak market cap of nearly $625 million but shed roughly 98% of its value. The exchange behind both Trump and Melania tokens faced a class-action lawsuit in October, accused of orchestrating a pump-and-dump scheme. In February, LIBRA—a Solana-based meme token promoted by Argentina’s president Javier Milei—briefly pushed its value above $4.5 billion before a sharp sell-off.
The move triggered a federal investigation into potential fraud, which was later dropped months afterward. Amid questions about sustainability, Pump.fun emerged as a dominant memecoin generator, raising about $500 million in a July ICO and helping shape the pace of new token launches. Investors later alleged that Pump.fun coordinated with Solana Labs and related entities to create an “insider-rigged casino,” a claim the company has asked the court to dismiss while defending the fundraising as fair.
Memecoins also moved into traditional markets through ETFs, with Dogecoin-tracking funds entering the lineup. The REX-Osprey Dogecoin ETF started with roughly $6 million in trading volume in its first hour, while Grayscale’s GDOG began trading in November, drawing about $1.4 million in daily volume. Dozens of memecoin ETF applications remain unapproved, underscoring ongoing regulatory caution even as the sector has slipped from a December 2024 peak near $150 billion to about $53 billion.
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