Meme Coins Are Dead – But They’ll Be Back: CoinGecko’s Bobby Ong

The meme coin market has experienced a significant downturn. Since its February 3rd peak, market capitalization has plummeted by 32%, with trading volume falling even more dramatically—a staggering 72% decrease. While CoinGecko co-founder Bobby Ong believes that "meme coins are dead now," he also predicts their eventual return, citing their historically cyclical nature and the survival of a select few through multiple market cycles.

The Meme Coin Collapse Explained

The launch of TRUMP and MELANIA tokens marked the zenith of the meme coin craze. Ong attributes the subsequent collapse to these launches draining liquidity and investor interest, effectively ending a speculative cycle. The collapse of LIBRA, in particular, exposed the reality of insider advantages and coordinated profiteering, shattering the illusion of "fair launches." This resulted in a sharp decline across key market indicators, with metrics from Pump.fun—a prominent meme coin platform—falling by over 90% from their February peak.

However, the continued existence of Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) demonstrates the resilience of strong, community-driven memes, particularly those with dedicated followings. The ease of meme coin creation has intensified competition; only projects that successfully capture and maintain attention are likely to survive. Ong predicts a future where the meme coin market adheres to an extreme power law, with the vast majority failing while a tiny fraction thrives.

From VC Greed to Regulatory Gaps

Ong also connects the meme coin frenzy to retail investor frustration with venture capital (VC)-backed tokens launched at inflated valuations in early 2024. Many of these tokens prioritized early investors, leaving later buyers with little upside. This fueled demand for alternative opportunities, contributing to the meme coin boom.

The debate surrounding launch mechanisms continues. Some argue that structured launches, like Jupiter's JUP model (which uses liquidity pools to constrain price volatility), are superior to volatile airdrop-driven launches. Alternative fundraising models, such as curated angel investing platforms like Echo.xyz, are also gaining traction. Ong, however, points to a lack of clear regulatory frameworks, particularly in the United States, as contributing to the proliferation of speculative, often meaningless tokens.

Ong maintains optimism regarding the broader trend of tokenization. The success of platforms like Pump.fun has spurred the development of new platforms for AI agents, DAOs, and experimental tokens. Traditional finance (TradFi) institutions are also exploring tokenization, with US treasuries leading the way, and more complex financial products expected to follow. Over 600,000 tokens were created in January 2025 alone, with over 5.5 million tracked on GeckoTerminal.

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