Memecoins, once dismissed as little more than internet jokes, have cemented themselves as a permanent fixture of the crypto economy, according to new research from Galaxy Digital.

Memecoins, once dismissed as little more than internet jokes, have cemented themselves as a permanent fixture of the crypto economy, according to new research from Galaxy Digital.

In a report published Wednesday, research analyst Will Owens argues that the sector has matured into a cultural and economic force in its own right. Galaxy estimates digital assets tied to memes now represent a meaningful share of trading activity and investor interest, extending well beyond Dogecoin and Shiba Inu.

In a report published Wednesday, research analyst Will Owens argues that the sector has matured into a cultural and economic force in its own right. Galaxy estimates digital assets tied to memes now represent a meaningful share of trading activity and investor interest, extending well beyond Dogecoin and Shiba Inu.

A cultural and trading phenomenon

A cultural and trading phenomenon

Owens wrote that memecoins “capture attention and capital” by blending humor with financial speculation, making them uniquely effective at onboarding new participants into crypto.

Owens wrote that memecoins “capture attention and capital” by blending humor with financial speculation, making them uniquely effective at onboarding new participants into crypto.

Galaxy’s research cites the growing number of users interacting with memecoins not only as traders but also as community members who build narratives, memes and digital identities around the tokens.

Galaxy’s research cites the growing number of users interacting with memecoins not only as traders but also as community members who build narratives, memes and digital identities around the tokens.

On the trading side, Owens notes that memecoins consistently generate some of the highest liquidity and fee volumes in the industry, rivaling mainstream assets. Their volatility, he added, has turned them into a reliable revenue source for exchanges and liquidity providers.

On the trading side, Owens notes that memecoins consistently generate some of the highest liquidity and fee volumes in the industry, rivaling mainstream assets. Their volatility, he added, has turned them into a reliable revenue source for exchanges and liquidity providers.

Pump.fun and infrastructure shifts

Pump.fun and infrastructure shifts

One of the most striking developments highlighted in the report is the rise of Pump.fun, a Solana-based platform that lets anyone launch a memecoin in minutes. Galaxy said the service has turbocharged activity in 2025, creating thousands of new tokens and contributing to record-high fee generation on Solana.

One of the most striking developments highlighted in the report is the rise of Pump.fun, a Solana-based platform that lets anyone launch a memecoin in minutes. Galaxy said the service has turbocharged activity in 2025, creating thousands of new tokens and contributing to record-high fee generation on Solana.

While many of these tokens fade quickly, Owens argued the platform illustrates how memecoins are reshaping crypto’s infrastructure. He believes that by driving experimentation in token issuance, liquidity bootstrapping and trading mechanics, memecoins are helping to pressure-test blockchain ecosystems at scale.

While many of these tokens fade quickly, Owens argued the platform illustrates how memecoins are reshaping crypto’s infrastructure. He believes that by driving experimentation in token issuance, liquidity bootstrapping and trading mechanics, memecoins are helping to pressure-test blockchain ecosystems at scale.

Long-term implications

Long-term implications

The report cautioned that most memecoins remain speculative and short-lived, but said the broader trend is undeniable: the sector is no longer a passing fad. “Memecoins are here to stay,” Owens wrote, emphasizing their ability to sustain user engagement and influence protocol economics across multiple chains.

The report cautioned that most memecoins remain speculative and short-lived, but said the broader trend is undeniable: the sector is no longer a passing fad. “Memecoins are here to stay,” Owens wrote, emphasizing their ability to sustain user engagement and influence protocol economics across multiple chains.

Galaxy concludes that memecoins have moved beyond being a market sideshow, evolving into a structural component of crypto culture, trading and infrastructure.

Galaxy concludes that memecoins have moved beyond being a market sideshow, evolving into a structural component of crypto culture, trading and infrastructure.