Meme coins, often dismissed as speculative or unserious assets, are playing an outsized role in the global onboarding of new crypto users, according to a newly released State of Crypto report from Gemini.
Based on survey data from over 7,200 consumers across six countries, the study finds that meme coins are not only driving first-time purchases, but also catalyzing broader participation in the digital asset economy - particularly in jurisdictions with evolving regulatory clarity and politically driven narratives.
Across all surveyed regions - the United States, United Kingdom, France, Italy, Singapore, and Australia - Gemini found that a striking 94% of meme coin holders also own other types of cryptocurrencies. This trend suggests that meme coins are functioning as an entry ramp into the broader ecosystem, rather than isolated speculative bets.
In the United States, 31% of those who now hold both meme coins and traditional cryptocurrencies said their first crypto purchase was a meme coin. Similar patterns emerged elsewhere: Australia and the UK reported 28% of dual-asset holders started with meme coins, followed by Singapore at 23%, Italy at 22%, and France at 19%.
These figures imply that viral, low-barrier tokens - often driven by internet culture, influencers, or political branding - are serving as a soft onboarding tool, lowering the friction for new entrants unfamiliar with DeFi mechanics or long-term investment strategies.
Meme Coin Popularity by Country
Contrary to stereotypes, meme coin popularity isn't confined to English-speaking markets. France ranked highest in overall meme coin ownership, with 67% of local crypto investors holding at least one. Singapore followed closely at 59%, with Italy (58%), the UK (57%), the US (55%), and Australia (45%) also showing substantial adoption rates.
This adoption pattern defies the notion that meme coins are a fringe phenomenon limited to specific online subcultures or demographics. Instead, their reach appears global, and their influence - at least as a catalyst for deeper crypto engagement - substantial.
Regulatory Shifts and Expanding Ownership
The report also highlights steady growth in crypto ownership over the past year, especially in Europe. In the UK, crypto ownership rose to 24% in 2025, up from 18% in 2024. France followed a similar trajectory, moving from 18% to 21%. Analysts partly attribute this growth to the phased implementation of the European Union’s Markets in Crypto-Assets (MiCA) framework, which has offered greater regulatory clarity and may be encouraging retail investors to re-enter the market after the downturn of 2022–2023.
MiCA’s phased rollout, set to be fully operational by the end of 2025, has provided a unified legal structure across EU member states, offering clearer definitions for asset classes, obligations for service providers, and consumer protections. Its impact appears to be filtering through to market participation numbers.
Among the six countries surveyed, Singapore reported the highest overall crypto ownership rate in 2025, with 28% of respondents identifying as digital asset holders. This reflects both a relatively permissive regulatory environment and a tech-forward retail investor base.
Trump’s Crypto Push and Its Global Echo
Another notable factor shaping investor sentiment is the influence of political leadership - especially in the United States, where former President Donald Trump has dramatically shifted his tone and policies around digital assets.
In 2025, Trump has introduced a Strategic Bitcoin Reserve, supported stablecoin legislation, and pushed for restructuring the Securities and Exchange Commission to adopt a more crypto-friendly approach. While these proposals remain at varying stages of implementation, their symbolic weight is significant.
Of particular note is Trump’s recent launch of a meme coin tied to his personal brand, which briefly reached a market cap of nearly $3 billion. Though the coin itself has drawn controversy and speculation, it aligns with a broader strategy to harness crypto enthusiasm as a political lever.
According to Gemini’s data, 23% of non-crypto owners in the U.S. said the creation of the Strategic Bitcoin Reserve increased their confidence in crypto as an asset class. The influence doesn’t stop at U.S. borders: 21% of non-crypto respondents in the UK and 19% in Singapore reported that Trump’s policy shift made them more likely to consider entering the market.
This suggests that the political embrace of crypto - especially when paired with viral cultural touchpoints like meme coins - may have a psychological impact on fence-sitters beyond national boundaries.
From Speculation to Integration
The phenomenon of meme coins as onboarding tools complicates the conventional view that serious adoption begins with Bitcoin or stablecoins. Instead, tokens initially marketed with humor or hype are functioning as Trojan horses for deeper engagement with financial tools like DeFi lending, staking, and tokenized real-world assets.
While Gemini’s report does not assess long-term investor outcomes, it raises critical questions about how early experiences in crypto shape future behavior. If meme coins are users’ first exposure, what happens next - do they migrate to more resilient assets, or remain in high-volatility circles prone to manipulation and rug pulls?
The onboarding trend also has implications for institutions. Financial platforms, exchanges, and regulators need to better understand the behavioral path users take - from meme coin purchase to multi-asset portfolio. Moreover, the regulatory response may need to consider how cultural or political catalysts impact retail engagement.
Whether this migration pattern continues will likely depend on several factors: the stability and legitimacy of meme coin projects, the enforcement of fair marketing standards, and the robustness of user education initiatives. As more jurisdictions roll out tailored crypto regulation, understanding these behavioral onramps becomes increasingly important.