Political narratives played a central role in driving the rise and fall of memecoins during 2024 and early 2025, according to new data from CoinGecko.
CoinGecko’s 2025 State of Memecoins Report said election-linked speculation helped push the sector to record valuations before confidence sharply reversed.
The report found that the total memecoin market capitalisation peaked at $150.6 billion in December 2024, exceeding the previous highs recorded in 2021.
CoinGecko attributed the rally to a combination of new token launch platforms, experimentation on Solana and heightened political storytelling.
The data showed that political narratives linked to the United States elections became a dominant theme across social media and crypto trading venues.
CoinGecko noted that enthusiasm surrounding President Donald Trump’s re-election coincided with the peak of the memecoin market.
Election-themed tokens rapidly gained traction as traders chased viral momentum and short-term gains.
The report said the same political energy that fuelled the rally later accelerated the sector’s collapse.