Following a high-volatility stretch in 2023 and an extraordinary rebound throughout 2024—where average returns soared past 1,300% and the sector delivered gains between 212% and 280%—meme coins have faced a dramatic downturn in the first half of 2025. With waning retail enthusiasm and market-wide instability, most leading tokens suffered major valuation losses, including last year’s best performers.
Data published by CryptoPresales.com shows that an overwhelming 90% of the top meme coins by market cap collapsed in H1 2025, each shedding over 50% of their value in the past six months.
Cheems, Official Trump, Brett, and Baby Doge Coin Took the Worst Hit in H1
The meme coin crash in H1 2025 came as retail enthusiasm dried up, with many investors pulling out amid rising market volatility and stricter global regulations. Unlike utility-based tokens, meme coins offered little real-world value, making them the first to fall when sentiment turned risk-off. At the same time, AI tokens and institutional-grade cryptos drew more attention, leaving the hype-driven meme sector struggling. The aftermath was a major wipeout of value, with even the largest meme coins suffering significant losses.
According to CoinMarketCap data, a shocking 18 out of the 20 top meme coins by market cap suffered double-digit losses in the first half of the year, with many erasing more than half their value. Statistics show that Cheems was the worst performer among the top 20, plunging by a massive 84% since the start of the year. However, the Official Trump coin wasn’t far behind, with a steep 70% year-to-date price drop.
The largest of all Trump-inspired tokens saw its popularity surge in early 2025 following President Donald Trump’s inauguration. Created to appeal to his supporters, the token`s popularity was fueled by massive social media buzz, with some early investors becoming crypto millionaires almost overnight. However, the initial hype didn’t last long, with the coin losing over $4 billion in market cap since January.
Bret and Baby Doge Coin also lost more than half of their value year-to-date, with their prices plunging by 62% since January. Data shows that another six meme coins dropped between 50% and 60%, four lost around 40%, while SPX 6900 and Mogcoin fell by roughly 30%. Of all the underperformers, Cats in a Dog World fared the best, with a relatively mild 12% decline since the start of the year.
Toshi Meme Coin Was the Only Standout Performer in H1
Unlike all these coins, which saw their prices plummet amid rising market volatility and stricter global regulations, Toshi ended H1 as the only standout performer. Its price skyrocketed in early 2025 after getting listed on Coinbase, which boosted its visibility and brought in a wave of new investors.
The coin also gained momentum from strong support on the Base blockchain, viral social media buzz, and community events like NFToshis and DAO activity. On top of that, its solid token design and limited supply helped keep the rally going, pushing Toshi to all-time highs before eventually cooling down. Although its price dropped by a considerable 47% from the January peak, Toshi still closed H1 with an impressive 322% gain, delivering strong returns to early investors.
