Hateful memes continuously evolve as new ones emerge by blending progressive cultural ideas, rendering existing methods that rely on extensive training obsolete or ineffective. In this work, we propose Evolver, which incorporates Large Multimodal Models (LMMs) via Chain-of-Evolution (CoE) Prompting, by integrating the evolution attribute and in-context information of memes. Specifically, Evolver simulates the evolving and expressing process of memes and reasons through LMMs in a step-by-step manner using an evolutionary pair mining module, an evolutionary information extractor, and a contextual relevance amplifier. Extensive experiments on public FHM, MAMI, and HarM datasets show that CoE prompting can be incorporated into existing LMMs to improve their performance. More encouragingly, it can serve as an interpretive tool to promote the understanding of the evolution of memes.