When crypto last boomed in 2024 and 2025, memecoins were all the rage. Traders flocked to blockchains like Solana or the app Pump.fun to launch their own dog-themed, cat-themed, or frog-themed tokens. Even two presidents got involved. (While President Donald Trump’s memecoin made a killing, Javier Milei’s landed the Argentine president in hot water.)
Then, the “memecoin trenches,” as traders jokingly called them, started dozing off. Some investors caught on that the game was often rigged, and others started chasing other speculative assets like perpetual futures or prediction markets. But, last week, the trenches appeared to have woken up—if even just a little bit.
