Features writer
Olga Primakova
Features writer
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Meme coins remain one of the most talked-about segments of the crypto market. These tokens are best known for explosive rallies. In some cases, prices jump more than 1,000% in a very short time. But the risks are just as familiar. Sharp crashes happen often, and rug pulls and failed launches are part of the reality.
Still, the meme coin market continues to grow and evolve. New launchpads keep appearing, narratives change quickly, formats shift. The space has reached a point where even Dogecoin ETFs are now part of the broader conversation.
Pump.Fun, often called the king of meme coin launches, remains one of the top revenue-generating decentralized protocols. According to DeFiLlama data, the platform consistently ranks among the top five protocols by revenue. It sits alongside stablecoin issuers and perpetual DEXs.
That positioning matters. It suggests that interest in meme coins is not just a short-lived trend. For now, it remains a real sector of the market.
To better understand where meme coins stand today, and whether they can still be traded successfully, we spoke with Matas Čepulis, Founder and CEO of LuvKaizen and Kolhq. He shared his view on market cycles, shifting narratives, and the role of KOLs (key opinion leaders) in shaping meme coin trends. He also spoke about the realities of trading meme coins today.
Meme Coins Are Quiet, but This Is Where the Next Winners Are Chosen
CN: How would you describe the current state of the meme coin market? Are we still in a growth phase, already overheated, or entering a cooling period?
MČ: Memes are on the lower end of market interest now, that is for sure. We were in the fear state for a very long time, and a lot of liquidity got drained out of meme coins. There are very few who stand by their community and brand and keep pushing forward. I think now is the best time to do your due diligence and pick the future winners.
CN: How does the current meme coin cycle differ from the previous waves in 2021–2024?
MČ: Right now, everyone can create their own token, competition is huge, capital is no longer enough to push your token. Your token has to be very attractive from every angle to be considered an investment. Mindshare and attention are much harder to reach, but those who crack the code of reach are the ones who will win in 2026. KOL marketing became one of the hardest marketing games, companies spend millions of dollars and still can’t get enough traction, just because they pick the wrong KOLs and communities. KOLs in 2021–2024 got drained and there is not enough retail to push tokens. People don’t believe the same voices that rugged them multiple times already.
Why Solana Dominates and What Keeps Meme Coins Relevant
CN: Can we say that meme coins are no longer a marginal segment and have become a more established part of the broader crypto market?
MČ: Memes have always been an established part of the ecosystem, look at $PEPE or $SHIB, they were always frontrunners in the market.
CN: Why has Solana become the main blockchain for meme coins in this cycle? Is it driven more by technology, community dynamics, or speculative behavior?
MČ: It was one of the first to be an early adopter. Pump.Fun added a major part to the Solana meme ecosystem. Solana pushed the narrative itself and the growth was natural. As most of the capital poured into memes, by default, it became Solana-based.
CN: How sustainable is this trend? Is there a risk that meme coin activity could quickly migrate from Solana to other networks?
MČ: Ethereum has been having a good spike lately. Monad tried to take over, but it failed miserably. I believe there will be more newcomers, but in my opinion, SOL and ETH already solve everything we and meme coins need.
CN: Can meme coins be considered one of the key drivers of on-chain activity and revenue within the Solana ecosystem today?
MČ: It takes a big part and most of the spikes on the network are also mostly created by meme coin traders. Today Solana hit a three-month high in meme coin activity, showing healthy recovery signs.
No Bitcoin, No Meme Coin Supercycle
CN: How well-founded is the idea of a meme coin “supercycle”? Is it a real structural shift or mostly a market narrative?
MČ: It all depends on father Bitcoin. If BTC keeps growing, the rest of the industry will catch up, it does not matter if it’s altcoins or memes.
CN: Do you see signs that meme coins could show relative strength even without a traditional altcoin season?
MČ: Not really, they are all connected. If altcoins move, memes will move as well and vice versa. I just think that memes have higher chances to outperform most of the alts since most of them were in a downtrend either way.
CN: How do meme coins typically behave during a broader crypto market correction?
MČ: If the market goes down, memes are usually 90–99% dead, it’s that sad nature of meme coins. If the market goes up, we don’t count gains in percentages, but rather in x multipliers.
What’s Actually Moving Meme Coins Today
CN: What key narratives do you currently see within the meme coin space? Are animal-themed coins, celebrity-driven tokens, AI-related memes, community tokens, or other themes leading the market?
MČ: Meta depends on the day. For example, there was a $WEED token launch and that day all the drug meme tokens were up. This is just an example, but this is how the whole market works, it reacts to current news. Right now, there are lots of memes around Venezuela or TikTok memes like 67.
CN: How important is the community element today compared to pure speculation?
MČ: Community is everything. Those tokens that build up a community will survive everything. A good example of that is the Retardio community. Their NFT price was lower than one SOL last month, but today it bounced back, some of the accounts got unbanned on X and the NFT comeback feels so real after Vitalik put his Milady PFP on X.
CN: Is the role of influencers and launchpads changing when it comes to shaping successful meme coin projects?
MČ: You don’t need launchpads now to launch a meme, you can simply do it on Pump.fun, add a stream or your community and start rolling. The setup barrier is so low right now that everybody can kick off their meme token. KOLs are also shifting. Although at kolhq.com we still see a big upswing in KOL requirements in memes, not every KOL is good for every project and that is why our research team does an amazing job sorting out the best-fitting KOLs.
‘Better to Win 50% Than Lose 100%’
CN: Is systematic trading of meme coins possible, or is this segment inherently high-risk and speculative?
MČ: Yes, it is possible with the biggest memes, but I wouldn’t suggest doing that with ones with a market cap lower than $100 million. The industry is very speculative and, unfortunately, the majority live under market makers and insiders.
CN: How important are discipline, risk management, and profit-taking in this segment?
MČ: It’s the most important thing. If you can’t control that, don’t even think about getting into meme trading.
CN: Does it make sense to treat meme coins as part of a broader portfolio, rather than only as short-term trades?
MČ: Sure, you just have to pick your winners and run with them for the long term, constantly check on community activity and be a part of that as well.
CN: Which recent meme coins or meme-related projects would you highlight as representative of the current market?
MČ: I won’t hide it, but if you know me, you know that I am highly interested in Milady and $CULT. Retardio will also always stay in my heart. SPX6900 is going strong even in harsh market conditions. I look into the story, IP, uniqueness of the idea, and many more aspects before I jump in.
CN: Are there examples of meme coins that, in your view, have managed to move beyond being “just a meme”?
MČ: For sure. For example, $PEPE or $DOGE are already proven industry players not only on the perpetual side, but also as payment methods for goods.
CN: What are the most common mistakes traders make when trading meme coins?
MČ: They don’t know how to exit. There is even a huge meme saying, “I hope next time I will take profits instead of the screenshot.” Memes are so incredibly volatile that losing 1–2x can look crazy, but if you made 3–4x, that is completely fine. Better to win 50% than lose 100%.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
