How Meme Tokens are Still Holding $48B in Value?

Meme coins, crypto’s wild and wacky cousin, have developed into a whopping $48 billion market even though they were initially made as online jokes.

The coins, which are often linked to viral memes or web crazes, still have this remarkable staying power and trading volume even in the slump of the overall crypto market.

Here we’ll discuss where meme coins originated, what continues to prosper among them, and how they still have a significant foothold in crypto.

The Origin Story

The trend of meme coins began in 2013 with Dogecoin, created by software developers Billy Markus and Jackson Palmer. It was a spin-off of the viral “Doge” meme of a Shiba Innu dog. Dogecoin was meant as a humorous critique of the then-emerging trend of cryptocurrencies like Bitcoin.

It was a joke and had no serious purpose, but it was noticed by online enthusiasts, and a cult following formed around it. By 2014, the value of Dogecoin jumped close to 300%, with initial indications of its surprise longevity. With this kind of rise also comes the uncertainty due to volatility and the idea of the prices continuously fluctuating due to social media sentiment or tweets from celebrities. This has discouraged their use in online entertainment like casinos. Online gambling sites, which prefer stability for transactions, are wary of using meme coins for fear of a sudden collapse in value, so more established currencies such as Bitcoin or stablecoins are preferable for that purpose. However, easy alternatives were found in a different kind of tokens, used by sweepstakes casinos, like the ones mentioned in the list compiled by ActionNetwork: https://www.actionnetwork.com/sweepstakes-casinos. The sweepstakes model has proven a fun alternative, also providing bonus coins with the first deposit to make it more appealing, and the ease of not having to go through different sites to convert currency into a digital one.

Other meme coins such as Shiba Inu followed shortly after, replicating Dogecoin’s canine-themed aesthetic. Those early tokens paved the way for a deluge of meme-based cryptocurrencies, propelled by social media hype and internet culture.

Meme Coins That Defy the Odds

Despite their unserious roots, several meme coins have held significant value over time.

Dogecoin is still the top dog, with a market capitalization of more than $61 billion as of April 2025, and it is the biggest meme coin in the $48 billion pot.

Shiba Inu, which was introduced in 2020, is another top performer, with a market capitalization of approximately $6 billion.

More recent cryptocurrencies like Pepe, derived from the Pepe the Frog meme, and Bonk, a Solana-based token, have also gained traction, with Pepe momentarily hitting the top 20 cryptocurrencies in 2024. The coins, which were initially viewed as a joke, have built loyal communities that support their prices even during market crashes. For example, as the 2021 crypto bear market decimated many tokens, Dogecoin and Shiba Inu weathered the storm thanks to die-hard fans and occasional celebrity support, like that from Elon Musk.

Trading Volume and Market Resilience

Some meme coins have proven themselves as traders’ paradise, with daily trading volumes consistently hitting $6 billion or more, even amidst the present market volatility of early 2025.

Their low prices, often fractions of a cent, make them accessible, driving massive trading activity as speculators chase quick profits. However, this comes with wild price swings. For instance, Dogecoin dropped 16.6% and Shiba Inu fell 11.3% in a single day in April 2025 after global market fears sparked by U.S. tariffs.

Yet, meme coins bounce back faster than other cryptocurrencies because of their hype-driven nature and robust online following. They are resilient thanks to being based on sentiment, not real-world adoption, allowing them to surf waves of social media enthusiasm even when the crypto market as a whole weakens.

Limited but Growing Real-World Application

While meme coins are mostly speculative, some businesses have started accepting them as a form of payment, though this is not widespread.

Most notably, in 2021, Tesla accepted Dogecoin payments for merchandise briefly, an initiative led by Elon Musk. Some smaller businesses, such as online retailers and gaming websites, also dabble in Dogecoin or Shiba Inu payments, but mainstream acceptance is scarce.

Companies distance themselves because of meme coins’ price swings and lack of inherent value. Nevertheless, their increased exposure leaves the window open for specialized applications, particularly in crypto-receptive sectors.

The Democratization of Meme Coins

Meme coins are today “democratic” thanks to websites that allow anyone to issue their own token with minimal effort.

Websites like Pump.fun, launched in 2024 on the Solana blockchain, have made creating a coin as easy as completing a form. No coding is necessary, just a crypto wallet and a minimal fee.

Pump.fun itself has launched more than 5 million new meme coins, ranging from joke titles such as “Cat Poop Joystick” to coins based on celebrities and trends. Another site, Dexscreener, also enables fast token creation and trading. This ease has filled the market with new coins, but most die off within a short time.

Ease of creation also breeds innovation and scams together and makes the meme coin ecosystem wild but active.

Why Meme Coins Persist

The $48 billion meme coin economy subsists on community, hype, and ease of access.

Dogecoin’s prevalence, trading volumes, and websites such as Pump.fun indicate how these coins have moved from being jokes to becoming serious participants in crypto. Though their volatility and lack of real-world applicability are threats, their potential to mobilize fans and recover from dips sustains them.

As long as internet culture persistently fuels speculation, meme coins will probably persist in ruling a strange niche of the crypto world.