The same, once rejected as little more than jokes on the Internet, have cemented as a permanent element of the cryptography economy, according to new research by Galaxy Digital.
In a report published on Wednesday, research analyst Will Owens argues that the sector has become a full cultural and economic force. Galaxy believes that digital assets linked to memes now represent a significant part of the commercial activity and the interests of investors, extending far beyond Dogecoin and Shiba Inu.
A cultural and commercial phenomenon
Owens wrote that the same “captures attention and capital” by mixing humor with financial speculation, which makes them particularly effective to integrate new participants into the crypto.
Galaxy’s research cites the growing number of users who interact with merecoins not only as traders but also as members of the community who build stories, memes and digital identities around tokens.
On the commercial side, Owens notes that the same systematically generates some of the highest liquidity volumes and costs in the industry, competing with traditional assets. Their volatility, he added, transformed them into a reliable source of income for exchanges and suppliers of liquidity.
Pump.fun and infrastructure changes
One of the most striking developments highlighted in the report is the rise of Pump.fun, a platform based in Solana which allows anyone to launch a same in minutes. Galaxy said that the service had a turbocharged activity in 2025, creating thousands of new tokens and contributing to a record generation of high costs on Solana.
While many of these tokens fade quickly, Owens argued that the platform illustrates how the same re-entertaining the crypto infrastructure. He believes that by leading to experimentation in the emission of tokens, liquidity boots and trading mechanisms, the same contributes to the scale of blockchain ecosystems to test the pressure.
Long -term implications
The report warned that most of the mecoins remain speculative and short -lived, but said that the broader trend was undeniable: the sector is no longer a mode that passes. “The same is there to stay there,” wrote Owens, stressing their ability to maintain user engagement and influence the protocol economy through several channels.
Galaxy concludes that the same went beyond being a market show, evolving towards a structural component of cryptographic culture, trade and infrastructure.
