Infrastructure dominates, DeFi surges mid-month, and meme coin hype cools — a sharper look at May 2025’s crypto presales.
The meme coin hype may have dominated headlines this spring, but fresh data from May 2025 reveals a more nuanced fundraising landscape — one where infrastructure, DeFi, and utility-focused projects quietly outperformed their flashier counterparts.
Fresh figures from Outset PR’s internal fundraising tracker reveal a capital landscape shaped less by hype and more by structure. While meme coins remained highly visible, they accounted for just 9.4% of the month’s $134,72 million in presale funds. In contrast, infrastructure and utility-focused projects together secured the majority of all capital raised, with DeFi campaigns absorbing over $22.54 million for the month.
Methodology
This analysis leverages Outset PR’s internal tracking system, updated to incorporate refined sector tagging across all monitored campaigns active during May 2025. Each project was categorized not by surface-level marketing claims, but through a framework built on three key dimensions:
Product function — the actual utility of the project, such as infrastructure protocols, payment systems, DeFi primitives, or meme-based economies.
Capital behavior — fundraising dynamics across the campaign lifecycle, including timing of peak inflows, consistency, and volatility.
Narrative positioning — how the project presented itself to the market: whether primarily community-driven, influencer-led, or positioned around utility and problem-solving.
This article builds on earlier category-specific reporting — including my deep-dive on meme coin fundraising — by applying a refined classification framework across all campaigns tracked in May 2025 that raised funds using Barnacle SEO. While the previous report zoomed in on a single segment, this broader methodology enables consistent cross-sector comparisons within a unified analytical structure, resulting in a sharper view of where investor funds actually went — and why.
Breaking Down Fundraising Momentum by Crypto Sector
Outset PR’s proprietary monitoring system shows that over half of the highest weekly fundraising spikes across all sectors occurred in May 2025 — a convergence of investor attention around a key market window. But while the cycle peak was shared, each category reached it with a distinctly different rhythm.
Fundraising by Sector – May 2025. Source: Outset PR internal monitoring
Wallet/Infrastructure: $81.70 million (60.6%) – the clear leader, marked by steady week-over-week traction.
DeFi Projects: $22.54 million (16.7%) – conviction-driven flows concentrated mid-to-late month.
AI Projects: $16.59 million (12.3%) – gradual and consistent fundraising with strong narratives.
Meme Coins: $12.66 million (9.4%) – visible but rotational, with little new breakout traction.
GameFi: $1.24 million (0.9%) – short bursts tied to campaign-specific events.
Infrastructure Projects Secure Majority Capital Share
Utility and infrastructure projects aimed at long-term use cases — including protocol scalability, cross-chain tooling, and payment infrastructure — raised $81.70 million , accounting for more than 60% of all presale capital in May. These campaigns saw accelerating inflows through mid-May, followed by a modest decline in the final week — a pattern that suggests early traction consolidating into more measured participation. While most of these projects launched prior to May, investor activity remained consistently strong throughout the month, underscoring the enduring appeal of foundational infrastructure narratives.
Infrastructure & Utility Fundraising Performance – May 2025. Source: Outset PR Internal Fundraising Tracker
AI Projects Build Momentum Gradually
AI-themed fundraising closed the month with $16.59 million, about 12.3% of all presale inflows. Projects in this category leaned heavily on applied use cases and technical credibility rather than meme appeal or influencer support. Fundraising momentum increased gradually over the first three weeks before easing slightly at the end of the month — a pattern consistent with investor interest driven by long-term vision rather than hype cycles.
AI Projects Weekly Fundraising – May 2025. Source: Outset PR Internal Fundraising Tracker
DeFi Proves Durable Mid-Cycle
DeFi projects collectively raised $22.54 million, representing over 16.7% of total May fundraising. Fundraising spiked sharply in the third week, reflecting sudden investor interest in staking, governance, and liquidity mining. However, this surge was bookended by quieter weeks, suggesting that mid-month traction drove the bulk of activity.
GameFi Lags in Sustained Interest
GameFi projects struggled to gain momentum, securing just over $1.24 million in May. Fundraising was largely event-driven, spiking during demo launches or NFT drops but failing to maintain week-to-week traction. Compared to other sectors, GameFi’s investor consistency was low.
GameFi Weekly Fundraising – May 2025. Source: Outset PR Internal Fundraising Tracker
Meme Coins Cool Off But Stay Present
Meme coin campaigns pulled in $12.66 million in May — while not insignificant, it marked a notable deceleration from early spring surges. Most capital moved between existing tokens, suggesting a rotation rather than a wave of new entrants. The sector’s market presence remained loud, but capital participation less so. Fundraising showed intermittent gains with a final-week spike, reflecting momentum concentrated around preexisting tokens rather than fresh launches. While attention was sustained, few campaigns demonstrated lasting traction beyond momentary peaks. Our earlier coverage of meme coin fundraising offered valuable early snapshots of campaign flows, but this refined analysis applies a consistent methodology across all sectors — giving a more complete picture of meme coin dynamics relative to the broader market.
Meme Coin Presale Momentum – May 2025. Source: Outset PR Internal Fundraising Tracker
Final Thoughts
May 2025 confirmed that presale capital follows substance, not just spectacle. Infrastructure and utility projects won trust through steady delivery. DeFi displayed mid-cycle strength. AI attracted steady curiosity and support. Meme coins brought the noise, but not the follow-through. GameFi remained promotion-sensitive and inconsistent.
Where attention shifted quickly, capital moved cautiously. And in that caution, the clearest signals emerged — that structure and long-term utility still define the deepest flows in crypto fundraising.
The bottom line is that capital doesn’t just follow the crowd — it follows conviction. And in a space where hype fades fast, it’s rhythm, not volume, that leaves a mark. Those who learn to listen to the signal beneath the noise won’t just keep pace — they’ll shape it.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. The views expressed are those of the author and are based on Outset PR’s internal data and experience tracking fundraising trends. Readers should conduct their own research before making any investment decisions.
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