Memecoins Emerge as a Lasting Force in the Crypto Economy

Memecoins, once dismissed as internet jokes, have firmly established themselves as a permanent segment of the cryptocurrency market, according to new research from Galaxy Digital. In a report released Wednesday, research analyst Will Owens highlighted how the sector has matured beyond novelty, evolving into both a cultural and economic driver within crypto.

Galaxy estimates that meme-inspired tokens now account for a significant share of trading activity and investor attention. Far beyond the early examples of Dogecoin and Shiba Inu, the ecosystem has expanded into a broader market where humor meets speculation, capturing capital and onboarding new users into crypto communities. Owens noted that memecoins thrive not only because of trading but also due to the vibrant narratives, memes, and identities that communities build around them.

From a trading perspective, memecoins generate some of the highest liquidity and fee volumes across the industry. Their inherent volatility has become a consistent revenue source for exchanges and liquidity providers. This positions them as more than a passing fad, but rather as an important financial phenomenon that keeps users engaged while strengthening exchange activity.

A key development spotlighted in the report is the rise of Pump.fun, a Solana-based platform that allows anyone to launch a memecoin in minutes. The platform has fueled record-high activity on Solana in 2025, creating thousands of tokens and driving network fees. While most of these coins fade quickly, Owens argues their experimentation contributes to the evolution of token issuance, liquidity bootstrapping, and blockchain infrastructure.

Despite their speculative nature, Galaxy concludes that memecoins are here to stay. By merging culture, trading, and technological experimentation, they have become structural elements of the crypto landscape. What began as a joke has now become a defining feature of Web3, ensuring memecoins remain a long-term force within the industry.