Prediction Markets vs Memecoins: 2023–2025 Rotation as $44B Volume Builds

On December 15, 2025, Kalshi's John Wang called prediction markets "the memecoins of 2023," underscoring a shift as memecoin activity cooled by late 2025. The article reports that Kalshi, Polymarket and Limitless saw $44 billion in volume this year, while on-chain monthly activity exceeded $13 billion, according to Keyrock and Dune Analytics.