With new meme coin ecosystems rapidly forming, and with a smorgasbord of new projects launching, the meme coin segment of crypto is heating up yet again, leading some (including yours truly) to wonder whether a new crypto bull market is emerging. Given that classic meme coins like Dogecoin (DOGE -1.81%) climbed by 17% in the week ending Sept. 24, there's already plenty of evidence that the market is in a speculative mood.
Let's take a look at what's going on right now in the meme coin space, and then examine some historical data to see what we can glean about where the crypto market will go next.
Image source: Getty Images.
These new challengers are making big splashes
The most promising new contenders adjacent to the meme coin scene both launched this summer.
There's Pons (PONS -8.93%), the dominant meme coin launchpad on the new blockchain from Robinhood Markets, and StonkFun (STONK +4.12%), which is a launchpad on Solana. In crypto, launchpad applications like these let anyone create a coin in minutes, then earn fees when the asset launches and trades. Users launched close to 22,600 new tokens on Pons on Aug. 30 alone, so it's safe to say that the service is popular.
CRYPTO: PONS
Key Data Points
In August, the reigning champion of the launchpads, Pump.fun, which operates on Solana, brought in $145.1 million in fees across its launchpad and its PumpSwap exchange. Pons brought in $142.9 million in fees in the 30 days through Sept. 22, 2026. StonkFun, which only launched in early August, had $1.3 million in August. Its cumulative fees since initiation are $19.8 million.
The newcomers are making serious inroads against the incumbent, and they're just getting their boots on.
CRYPTO: STONK
Key Data Points
However, that doesn't necessarily make them worth buying. Their fortunes could collapse if the market's appetite for gambling on new meme coin launches dries up, as it has regularly done in the past.
Do meme coin rallies signal a crypto bull market?
Historically, meme coin rallies and bursts of new launches occur toward the very end of crypto bull markets.
The Bitcoin halving, which occurs every four years, is the signpost to consider here, because Bitcoin's price action tends to dictate crypto market cycles. Dogecoin went on its epic run approximately a year after the 2020 halving during the peak of a roaring bull market, and then again eight months after the 2024 halving, when the meme coin segment peaked in December 2024. The last major meme coin run started in March 2024, a month before that year's halving.
CRYPTO: DOGE
Key Data Points
Bitcoin's next halving will occur in the first or early second quarter of 2028. That puts the current flurry of enthusiasm about meme coins in a bit of an awkward spot relative to what would be expected based on the historical data. The bear market is probably over, but there hasn't ever been a meme coin season that's both this quick to develop and positioned this early relative to a halving.
So it's a bit premature to say that the crypto bull market is back.
On the other hand, if the prices of the crypto majors keep rising as they have been, it'll be hard to say that the market is in the mood for anything other than a new bull run.
