According to CoinGecko, the hottest narrative among crypto investors in 2024 was meme coins, accounting for more than 30% of overall interest. In December, the segment’s market capitalisation exceeded $100 billion.
Meme tokens mostly trade on decentralised exchanges, yet many CEX are racing to keep pace by adding new coins quickly. For example, the crypto exchange CoinEx lists more than 1,200 assets, including fairly obscure projects such as Smoking Chicken Fish (SCF) and HarryPotterObamaSonic10Inu (ERC-20) (BITCOIN). Together with the exchange’s team, we examine the outlook for meme tokens in 2025 and how to trade them.
The meme-coin supercycle
Crypto analyst and co-creator of the MVRV indicator Murad Makhmudov is now best known for his concept of a meme-coin supercycle — a prolonged period in which “joke coins” rise on an abnormal wave of speculation.
Makhmudov laid out the thesis in detail at the TOKEN2049 conference in September, in a talk that has circulated widely.
“If you’re going to watch one video during this supercycle… watch this. In 2025, the rise of meme coins will go parabolic,” said Makhmudov.
He argued the meme-coin supercycle is not a forecast but a reality. The era when all cryptoassets climbed in unison is over. The expression WAGMI has lost its relevance — a natural phase in the industry’s maturation.
Makhmudov divides the causes of the supercycle into external and internal. The latter include:
- mass overproduction of tokens. Thousands of new projects launch on exchanges and launchpads every day;
- inflated valuations for altcoins at CEX listing or TGE. Tokens are free for founders and cheaper for venture funds. Exchanges, market makers and influencers are paid for promotion. Retail investors end up providing exit liquidity.
“The appreciation in altcoins happens behind the scenes: at early stages, in private rounds. By the time they list, a project is already valued at $5, $10 or $15 billion, leaving little for retail to earn. I believe they deliberately list at high valuations so that even after a 90% drop, seed investors remain in profit. This creates the illusion of a ‘discount’ for retail traders,” Makhmudov notes.
Many projects say they withhold revenue data due to regulation. The real reason, he argues, is incentives: some collect $500 a day in fees at a $5–10 billion FDV. Most altcoins are plainly overvalued and will not become “stores of value”.
In addition, according to data from Binance Research, between 2024 and 2030 roughly $155 billion worth of tokens will unlock, inevitably adding sell pressure to altcoins.
Meme coins, by contrast, are fully circulating and have no locked allocations. Yet they can reach multi-billion-dollar valuations, as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) have already shown.
“People are starting to realise that the token itself is the real product, and crypto is an industry of token manufacturing disguised as software development. […] The ‘token’ market cannot grow without retail inflows. However, most of them never cared about technology. Does retail care that some blockchain has become faster or more private? No. Let’s be realistic: they come to make money (70%), to have fun (20%) and to feel part of something (10%),” he concluded.
The external drivers of meme-coin popularity mirror shifts in the world at large:
- rising inflation and consumer prices;
- the threat of higher unemployment due to AI;
- widening inequality and income gaps;
- loneliness and mental-health problems;
- more time spent online;
- tougher competition and fewer avenues for success;
- the weakening influence of religion on society.
All of these, in Makhmudov’s view, are bullish for crypto — especially for meme coins.
He adds that the trend feeds on stories of people making outsized fortunes. In this cycle, those stories have mostly come from meme-token markets rather than “technology altcoins”.
Looking ahead, meme coins could evolve into quasi “cults” and communities that emphasise organic growth and fair token distribution.
Makhmudov believes the “mememania” of March 2024 was a test run, and that 2025 will bring two “gigantic” pumps in meme tokens. He closed his presentation with the following projections:
- meme coins’ market capitalisation will reach $1 trillion;
- two will exceed $100 billion;
- ten will be valued above $10 billion;
- meme tokens will occupy a quarter of CoinMarketCap’s front page;
- dominance will reach 10%;
- utility tokens and VC altcoins will continue weak growth;
- the fat protocol thesis will die slowly, as it is getting harder to create a store of value/another casino;
- venture investors and TradFi will start buying leading meme coins;
- hypermemecoinisation before hyperbitcoinisation.
In a recent conversation with MN Trading founder Michaël van de Poppe, Makhmudov outlined his approach to meme-token investing:
- avoid fresh launches and pick coins that have existed for at least six months;
- look for projects that have survived at least two 70% drawdowns;
- consider leaders in their categories (dogs, cats, and so on);
- focus on tokens on Ethereum and Solana due to deeper liquidity on these chains.
“If I had to single out one concept for 2025, as someone who has already lived through three bull markets, it would be this: the biggest moves happen in the fourth year of the cycle. We are now at the end of the third year and the fourth is about to begin, when the most powerful moves occur.
The number of new meme coins is growing at a blistering pace, worsening the risk/reward. Nevertheless, I believe that Dogecoin will reach $1, but that is two to three times its current price. The best risk/reward is in projects with market caps from $100 million to $1.5 billion. I think they have 30x, 50x, maybe even 100x potential. In my view, these are the coins to watch,” he said.
Makhmudov argues that a HODLing strategy will outperform, and advises “not to trade, but to believe in the project”. He intends to hold his positions until the fourth quarter of 2025 or the first quarter of 2026. Thereafter, he plans to sell half and diversify into bitcoin, fiat and real estate, while holding the remainder for several cycles.
As for specific picks, Makhmudov recommended watching SPX6900 (SPX) and Gigachad (GIGA). In his view, they will be “the SHIB and DOGE of this cycle”.
Where to trade meme tokens
In an August interview with ForkLog, CoinEx CEO Haipo Yang noted that while the press frequently profiles traders who made millions on meme tokens, the odds of picking a “winning token” are extremely low.
The segment is also crowded with scam projects or “honeypot” assets that you can buy but cannot sell due to smart-contract restrictions.
The CoinEx team recommends great caution with tokens on DEXs and favouring centralised exchanges that vet projects before listing. However, one should recognise that CEX listings often lag, typically arriving after the main price move and positive news.
“Therefore, the optimal choice for trading meme tokens is a ‘balanced’ CEX like CoinEx, which tracks trends and seeks to add promising projects at early stages. At the same time, users can be confident they won’t end up with scam tokens that cannot be sold,” exchange representatives comment.
They add that even if investors do not trade on CoinEx, a listing on the platform can serve as a reference point when deciding whether to buy a meme token.
Conclusions
According to Kaiko, the catalysts behind meme coins’ surge in 2024 were the launch of the Pump.fun platform on Solana and Donald Trump’s victory in the US presidential election, which rekindled interest in Dogecoin.
Makhmudov forecasts that in 2025 the meme-token trend will continue and go parabolic. To avoid missing a potential 10x, it is vital to steer clear of scams, which are common in the segment. To that end, consider platforms such as CoinEx, which strive to add new assets quickly while thoroughly vetting their reliability.