Memecoin Sector Suffers Massive Loss of Relevance – Dominance Hits Three-Year Low

The memecoin sector is experiencing a dramatic collapse. Ki Young Ju, CEO of CryptoQuant, states bluntly in an X post: "The memecoin markets are dead." The dominance of memecoins in the altcoin sector has slipped to 0.04 percent – a level last reached during the FTX crash three years ago ^[1].

Recent price movements show a concerning pattern of lower highs and lower lows. Leading memecoins have recorded massive losses: Bonk is down 85 percent from its all-time high, dogwifhat has plunged 91 percent, and Brett is down 93 percent year-to-date ^[1].

According to CoinGecko, the total market capitalization of the memecoin sector now stands at just $47.5 billion, with approximately half of that attributable to Dogecoin. By comparison: Solana alone has a market cap of $74 billion, while Ethereum stands at $375 billion ^[1].

This development stands in stark contrast to 2024, when traders with small investments regularly became millionaires. The former crypto hype appears to have evaporated as quickly as it emerged.