Within our team, there is a consensus that memecoins have emerged as a legitimate onchain use case, primarily through PvP speculation. However, there are differing views on their staying power and growth potential. While memecoins are popular and capture significant mindshare, they represent a small share of the total crypto market, with market capitalization around 2%, down from a high of 2.67% in 2024 and well below the all-time high of 3.65% in May 2021. Despite this, memecoins have captured substantial volume share on chains like Solana, where their volume share grew from 35% to 65% in 2024, although it declined on Base from 46% to 33%. As markets mature and onchain adoption increases, the future growth of memecoins depends on capital appreciation and the availability of block space. In this discussion, we explore the staying power of memecoins and whether they can maintain or grow their share of the crypto market.
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