Meme coins are back in the spotlight after spending much of the year struggling to keep pace with the broader crypto market.
Meme coins are back in the spotlight after spending much of the year struggling to keep pace with the broader crypto market.
The sector rallied sharply this week as Bitcoin (BTC) moved above $82,000, oil prices fell, and global risk assets bounced on signs of progress toward a U.S.-Iran peace agreement.
The total meme coin market capitalization rose roughly 15% week-over-week (WoW) according to CoinMarketCap data, outpacing core crypto assets such as BTC and Ethereum (ETH) as traders moved back into higher-risk tokens.
Gainers ranged from large-cap meme coins such as Dogecoin (DOGE) to meme-adjacent artificial intelligence and platform tokens, including SkyAI (SKYAI) and Toncoin (TON).
Still, industry insiders, including a longtime Bonk (BONK) contributor, warned that the breakout may not be sustainable.
Broad-Based Rebound
DOGE gained roughly 7% this week as risk assets rallied. Source: CoinMarketCap
Dogecoin, Shiba Inu (SHIB), and Pepe (PEPE) all climbed this week as Bitcoin’s rebound lifted risk appetite across the market.
DOGE rose about 7% WoW, while SHIB gained 2.5% and PEPE added 6%, according to CoinMarketCap data.
SkyAI (SKYAI) emerged as the latest small-cap token to break into the upper tier of the meme market, rising roughly 250% WoW to a market capitalization near $800 million.
As of May 6, SkyAI ranked as the fifth-largest meme coin by market capitalization, ahead of longer-running tokens including BONK, Pudgy Penguins (PENGU), and Official Trump (TRUMP), CoinMarketCap data shows.
The project describes itself on X as an “all-in-one AI ecosystem powered by MCP,” built to integrate intelligent tools across industries.
Its rally followed earlier blowoff runs in RaveDAO’s RAVE token and Siren’s SIREN token, both of which climbed from market caps below $100 million into much larger territory before retreating.
Last month, RAVE surged more than 6,000%, climbing from roughly $0.25 to over $14 in a matter of days.
In March, SIREN, a BNB Chain token marketed as the network’s first AI agent, surged to a $1.7 billion market capitalization, fell back toward the $100 million range, and then rallied again in April.
It currently trades at a market capitalization of roughly $550 million.
BONK Contributor Warns of Meme Coin Risk
BONK is among a handful of memes that have extended their presence to TradFi. Source: Bonk
BONK core contributor Nom used a Consensus Miami panel this week to warn that new meme coin trades increasingly resemble long-shot sports parlays.
Nom said most meme coin teams lack the staying power to embed projects into regulated distribution and trading channels. He cited exchange listings, ETF filings, and public-company structures as markers that separate longer-lived tokens from those that “rinse retail.”
The BONK token is among a handful of exceptions, having pursued several of those links to traditional finance.
For instance, Nasdaq-listed Bonk Holdings, which rebranded from Safety Shot in October 2025, holds roughly 2.7% of BONK’s circulating supply and is targeting $115 million in token holdings by the end of 2026, Nom said.
Meanwhile, Tuttle Capital has filed for a 2x leveraged BONK ETF with the SEC, and TenX Protocols, listed on the TSX Venture Exchange, made a public BONK treasury allocation in January.
BONK launched in 2022 and was distributed through an airdrop to NFT holders, developers, and active wallets.
TON Rallies
TON surged after Telegram’s CEO announced a pivot for the network. Source: CoinMarketCap
Toncoin surged more than 36% in 24 hours on Tuesday after Telegram founder Pavel Durov said Telegram would replace the TON Foundation as the main force behind The Open Network.
Durov said Telegram would become the network’s largest validator and roll out new developer tools, performance upgrades, and a redesigned Ton.org site within two to three weeks.
The TON token currently trades at a market cap of nearly $6 billion, according to CoinMarketCap data.
By the Numbers
Total Meme Coin Market Cap: $38.97B
Source: CoinMarketCap
Top 5 Meme Coins by Market Cap:
- Dogecoin (DOGE): $19.26B
- MemeCore (M): $4.76B
- Shiba Inu (SHIB): $3.76B
- Pepe (PEPE): $1.72B
- SkyAI (SKYAI): $800M
Source: CoinMarketCap
Most Visited Memes:
Source: CoinMarketCap
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