Alana Levin, an investor at Variant Fund, just dropped her much-anticipated Crypto Trends Report for 2025. Shared via a detailed thread on X, the report breaks down the crypto world's growth through three interconnected s-curves: asset creation, accumulation, and utilization. For those in the meme token space, this is gold—especially the bits on skyrocketing token launches and onchain experiments that are making memes more than just viral jokes.

The Big Picture: Three S-Curves Shaping Crypto

Levin frames crypto's evolution as a story of compounding growth. First, there's asset creation—think launching new tokens, including the memecoins that flood platforms like Solana's Pump.fun. Then accumulation, where people hold and value builds up. Finally, utilization, where these assets get put to work in DeFi, trading, or even real-world apps.

This lens applies to key areas like macro trends, stablecoins, centralized exchanges (CEXs), onchain activity, and frontier markets. As meme insiders, we're zooming in on how this ties into the wild world of memecoins, which thrive on rapid creation and community-driven hype.

Macro Trends: Concentration and the Rise of Top Assets

On the macro side, Levin points out that while there are more tokens than ever, value stays concentrated in the top 10. This has been steady over time, showing how established assets like Bitcoin and Ethereum dominate.

But for memes? The sheer volume of new tokens means opportunities for breakout hits, even if most fade. Accumulation here is all about that Lindy effect— the longer a meme survives, the more likely it sticks around, just like the top cryptos.

Stablecoins: The Utility Powerhouse

Stablecoins are exploding, with new ones popping up faster than ever. Levin notes it took over 80 months for the first $100 billion in supply, but we're on pace for the next $100 billion in under a year. These aren't just for trading; they're used in payments, lending, and as wealth stores.

For meme tokens, stables are key—they fuel the liquidity on DEXes where memes trade. Startups have room to innovate here, like building earn products or borrow/lend features around stables, which could supercharge meme ecosystems.

Levin highlights opportunities in credit systems, private transactions, and even buy-now-pay-later (BNPL) for stables—ideas that could extend to meme-backed lending or privacy-focused meme trades.

Centralized Exchanges: Accumulation Hubs with Utilization Potential

CEXs like Coinbase have raked in trillions in volume from people buying and holding crypto. They're evolving into compound businesses with custody, staking, and earn features.

While memes often start onchain, CEX listings can be a game-changer for accumulation. Levin suggests future utilization will blend onchain builds with CEX distribution, meaning meme projects could partner with platforms like Robinhood for wider reach.

Onchain Activity: Where Meme Magic Happens

This is the heart of it for us. Onchain is a playground for innovation, with every step of the asset lifecycle open—unlike traditional finance's gatekeepers.

Getting started is easier than ever, pulling in users of all ages and locations to create, accumulate, and use assets.

Token creation? It's off the charts—one of the fastest-growing metrics in crypto. This directly fuels the meme token boom, where anyone can launch a coin in minutes.

The result? Trading volumes are through the roof, with DEXes grabbing more market share. In the first half of 2025 alone, DEXes gained more ground than in all of 2021-2023 combined.

Onchain lending is another hotspot, with assets in protocols like Morpho 5x-ing in recent years. Morpho exemplifies building onchain but distributing everywhere—a model memes could adopt for global reach.

Levin sees more room for asset creation, spotlighting institutionalized tokens like tokenized treasuries and onchain equities. The term "RWA" (real-world assets) will broaden, creating new tokens that could inspire meme hybrids.

Frontier Markets: Products Turning into Platforms

In frontier areas, prediction markets show how crypto turns products into platforms. We've seen this with perps on Hyperliquid and lending on Morpho.

For memes, this means evolving from simple tokens to ecosystem platforms—maybe meme-based prediction games or DeFi primitives.

Levin wraps up by noting crypto's future is onchain, a nod to the experimental spirit driving meme culture.

If you're diving deeper, check out the full report here. For meme token fans, this report underscores why 2025 could be our biggest year yet—more creations, more liquidity, and endless ways to utilize those viral assets.

Stay tuned to Meme Insider for more on how these trends play out in the meme space!