Meme Sol & US-Centric Trading: How the Market Concentration Is Reshaping Memecoin Landscape

The memecoin sector is undergoing a radical consolidation, and CoinGecko’s latest data paints a stark picture. While global interest in these speculative assets has plummeted 81% since the beginning of 2025, the United States has emerged as the undisputed epicenter—commanding approximately 30% of worldwide engagement. This concentration reveals a troubling pattern: as the broader market contracts, capital flows are increasingly funneling into fewer hands across specific geographies.

The Geography of Speculation: Emerging Markets Dominate, But US Leads

CoinGecko’s November 2025 report shows that the top ten countries by memecoin page views tell a tale of two market segments. The United States ranks first, with nearly triple the engagement it held at the start of 2024 when it shared roughly 20% interest alongside India. Today, that share has swollen to 30%, signaling a dramatic shift in investor appetite.

Behind the US, the next nine slots are dominated by emerging economies: India, Nigeria, Germany, Türkiye, Vietnam, the Netherlands, the Philippines, Brazil, and Indonesia collectively represent 38% of global memecoin interest. Seven of these ten nations are classified as emerging markets—a departure from traditional crypto adoption patterns where developed nations typically led. Germany and the Netherlands are the only other developed markets to crack the top tier, highlighting how memecoin trading has become a distinctly decentralized phenomenon spanning both mature and frontier economies.

From Hype to Collapse: The 2024 Peak and 2025 Reality

The memecoin narrative shifted dramatically in recent years. Following the 2021 Dogecoin-driven surge, the sector experienced dormancy until 2024’s explosive resurgence. That year saw the total market value climb to $150.6 billion—a historic peak fueled by Dogecoin’s renewed momentum, the proliferation of Solana-based tokens (often called “meme sol”), and the emergence of new token launch platforms.

Daily trading volumes exemplified the frenzy. Average daily volume exploded from $1.1 billion in 2023 to $9.7 billion in 2024. During major token listings, daily volumes exceeded $80 billion, creating an illusion of market sustainability.

But 2025 arrived with harsh reckonings. Overall interest collapsed by 81.6% from the year’s start. The total market capitalization evaporated to approximately $47.2 billion by November—a 69% decline from the 2024 peak. CoinGecko attributes the crash to controversial token launches, compounding market fatigue, and a broader recognition among retail participants that most meme projects lack fundamental utility.

What Happens When the Music Stops

The current environment suggests that memecoin trading has shifted from mass participation to concentrated speculative activity. With US traders maintaining disproportionate purchasing power and emerging markets showing sustained but gradually declining interest, the sector faces a new reality: thinner liquidity, higher slippage, and increased volatility will likely characterize future trading.

The data suggests that memecoin enthusiasm is no longer a global phenomenon but rather a specialized interest confined to specific demographics and geographies—predominantly the United States and emerging market retail traders willing to accept asymmetric risk.