Memecoins aren’t finished — they’re evolving, says crypto executive

Memecoins are not disappearing just because the market has cooled and the hype has faded. According to Keith A. Grossman, president of crypto payments firm MoonPay, memecoins are likely to return — but in a very different form.

Grossman argues that memecoins were never truly about jokes, internet humor, or financial nihilism. Instead, their real innovation lies in the ability to tokenize attention cheaply and efficiently using blockchain technology. This shift opens the door to a more inclusive attention economy.

Before crypto, Grossman explains, only platforms, major brands, and a small circle of influencers could monetize attention. Everyone else contributed value for free through likes, trends, inside jokes, and online communities. These activities generated massive economic value, yet the rewards were largely captured by centralized platforms rather than the people creating that value.

While the memecoin sector saw a steep decline throughout 2025, Grossman compares the pessimism surrounding memecoins to early predictions that social media would fail after the first wave of platforms collapsed in the early 2000s. That initial failure, he notes, was followed by a second generation of companies that transformed social media into a global cultural force.

In 2024, memecoins were among the strongest-performing crypto sectors and dominated investor narratives, according to CoinGecko data. However, mounting criticism — including claims that memecoins lacked real value — combined with several high-profile token collapses, eventually led to a sharp market downturn and a loss of investor confidence.

The situation worsened in early 2025 after a series of highly publicized token failures widely labeled as rug pulls. One of the most notable examples was a memecoin launched by U.S. President Donald Trump ahead of his January 2025 inauguration. The token surged to a peak of $75 before collapsing by more than 90%, falling to around $5.42.

A similar episode unfolded in Argentina, where President Javier Milei endorsed a social token called Libra in February. The token later crashed, leaving the majority of holders with losses exceeding $1,000. With a peak market capitalization of $107 million, Libra’s collapse triggered lawsuits, a government investigation, and calls for impeachment, despite Milei’s attempts to distance himself from the project.

Despite these setbacks, Grossman believes the core concept behind memecoins — tokenized attention — remains powerful. While the first wave may have failed, he suggests that future iterations could emerge with stronger foundations, clearer utility, and fairer value distribution for participants rather than centralized platforms.