The latest data from CoinGecko shows that Indonesia ranked among the world’s top 10 countries with the highest interest in meme coins in 2025, based on monthly page views. This achievement places Indonesia alongside other global markets that actively follow and consume meme coin–related content.

According to the CoinGecko State of Memecoins Report 2025, released on Tuesday (16/12/2025), the United States and India entered 2025 as the two countries with the strongest interest in meme coins. Each accounted for roughly 20 percent of total global attention.

However, the distribution of interest shifted as the year progressed. By November 2025, the share of meme coin interest from US users had climbed to nearly 30 percent. This increase reflects changes in regulatory attitudes as well as evolving market perceptions of meme coins within the country.

Rising Meme Coin Interest in Indonesia

Indonesia emerged as one of the countries with the largest meme coin interest throughout 2025. Its highest share appeared in May at around 6.8 percent and remained relatively strong through October. These figures underline the continued dominance of retail-driven enthusiasm in the domestic crypto market, particularly for high-risk assets fueled by narratives, community engagement, and trends.

That said, strong regional interest does not necessarily indicate a robust market environment. Over the course of 2025, global interest in meme coins fell sharply by 81.6 percent from the start of the year. This decline coincided with a significant contraction in total meme coin market capitalization, signaling a correction phase following aggressive expansion in the previous year.

From Community-Driven Phenomenon to Market Correction Cycle

The fluctuation in interest is closely tied to the long evolution of the meme coin sector. Since Dogecoin’s initial surge in 2021, meme coins have evolved from humor-based tokens into a market force that once reached a peak capitalization of US$150.6 billion, or approximately Rp2,400 trillion. While early phases were dominated by dog-themed tokens, the 2024 cycle introduced a far more diverse landscape.

The emergence of platforms such as Pump.fun, the growing prominence of artificial intelligence narratives, and global political developments helped drive a new wave of meme coins. In 2024, total meme coin market capitalization set a new record, supported by rallies in DOGE, BONK, and PEPE, as well as political sentiment in the United States following Donald Trump’s re-election.

Daily trading volumes surged sharply, briefly reaching US$87.4 billion after Robinhood and Coinbase announced listings of several popular meme coins. However, the launch of controversial tokens such as TRUMP and LIBRA in January 2025 marked a turning point. Following this, meme coin market capitalization contracted to around US$47.2 billion, or roughly Rp750 trillion, by November 2025.

Amid this pressure, Dogecoin maintained its position as the largest asset in the meme coin sector, holding approximately 47.3 percent market share. Even excluding DOGE, dog-themed meme coins continued to account for nearly 40 percent of total market capitalization. Meanwhile, frog-, cat-, AI-, and politics-themed meme coins, which had surged in late 2024, experienced significant corrections, although they remained among the largest categories.