2025 is coming to an end, and this year’s performance of meme coins has been truly volatile. From the emergence of Trump coin at the beginning of the year, to various AI chatbot parody versions, and finally to the market manipulation scandals uncovered at the end of the year—the entire meme coin ecosystem is like a game with no winners.

According to CoinMarketCap, the overall meme coin market in 2025 shrank dramatically, with a total market cap evaporating by about 60%. The current size of this sector has shrunk to around $39 billion. What does this number tell us? Speculators should wake up.

**Politicians Enter the Scene, New Ways to Monetize**

The story begins in January. Within 72 hours before Trump’s inauguration, Trump coin ($TRUMP) suddenly appeared on the Solana chain. Soon after, his wife Melania also didn’t want to fall behind, launching her own $MELANIA token. This move directly broke a certain tacit understanding in the community—that official politicians can directly participate in meme coin games and turn their personal brands into tradable assets.

Although this sparked many complaints from US lawmakers about conflicts of interest, from an enforcement perspective, there were basically no substantial sanctions. The market continued to speculate as it pleased.

**The Truth of the High Fall**

But the story isn’t that simple. By the end of 2025, both of these tokens had very tragic outcomes—dropping over 99% from their respective all-time highs. Yes, you read that right, a 99% decline. This is not just a reversal of market sentiment; it also reflects the systemic risks inherent in assets like meme coins.

According to foreign media summaries, the rise and fall of the top 10 most representative meme coin projects in 2025 fully illustrate this year’s crazy market trajectory—from initial fanatic enthusiasm to collective collapse. This process clearly shows that in a market intertwined with speculation and pump-and-dump manipulation, ordinary people are just handing over their money.