LIBRA Was the Breaking Point That Ended the Memecoin Boom, CoinGecko Report Finds

Key Takeaways

• Argentina’s LIBRA collapse wiped out $4.4 billion in investor funds.
• Donald Trump’s official memecoin TRUMP has declined more tha 81% since launching on Jan. 19.
• Pump.fun memecoin launches have more than halved since the beginning of 2025.

Following Donald Trump’s memecoin launch, and Argentina’s $4.4 billion LIBRA debacle, memecoin creating platform Pump.fun has seen its metrics fall off a cliff.

It may be time for memecoins to take a backseat and rebrand, as 2024’s once-feverish markets appear to have hit a point of fatigue.

Party’s Over

According to a CoinGecko report from cofounder, Bobby Ong, the rollout of Donald Trump’s official TRUMP memecoin alongside his wife’s MELANIA token signaled “the top” for memecoins.

Their launches were huge, reaching peak market caps of $14.5 billion and $1.9 billion, respectively, within 24 hours of launching. At this time, TRUMP hit an all-time high (ATH) of $72.632.

Ong notes this drained the liquidity and attention from alt coins and other tokens.

By Jan. 27, TRUMP’s market cap had fallen to $5.5 billion and was trading around $27. Today, it trades at $13 with a market cap of $2.6 billion.

Argentina’s LIBRA token experienced a $4.4 billion collapse , sparking political unrest in the already-strained government and further tarnishing the reputation of memecoins.

After a year of hype, market saturation, rugpulls, scams, pump-and-dumps, and other controversies , LIBRA was “the final nail in the coffin”, Ong writes.

Pump.fun Slides

Perhaps best exemplifying the decreased appetite for memecoins is the notorious Solana-based memecoin creator Pump.fun, which has dramatically decreased its core platform figures.

According to Dune data,  28,902 tokens were deployed on March 6, 2025 . That figure stood at just over 60,000 on Jan. 1, 2025, a decline of over 50% since the start of the year.

Pump.fun token deploys fall. | Source: Dune

Traders have also lost interest. Solana decentralized exchanges (DEX) have seen a huge decrease in Pump.fun token trades, falling from $119 million in January , to just $43.9 million in February 2025.

As Ong notes in his report, memecoins are seasonal by nature, and those that stand the test of time, like DOGE, tend to have built out a “cult-like” community to back it. He predicts that 99.99% of them will fail, leaving just 0.01% to take the top spot.