Meme coin dominance has slipped to three.7% of the altcoin market, its lowest degree since February 2024, in keeping with CryptoQuant. Analyst Darkfost says the variety of meme coin holders now sits at a three-year low.
The studying marks a steep retreat from November 2024, when a post-election buying and selling frenzy pushed meme tokens above 10% of the altcoin market. Capital has since flowed elsewhere.
Capital Rotates Towards Utility Tokens
The dominance ratio weighs the mixed worth of meme tokens towards the broader altcoin market. A falling studying exhibits the group dropping floor to its rivals.
“Meme coin holders have gotten more and more uncommon,” Darkfrost highlighted.
The rotation exhibits up in uncooked market worth. Meme tokens are value roughly $28 billion mixed. Actual-world asset (RWA) tokens, a sector now drawing capital, high $64 billion, greater than double that, per CoinGecko information.
Analysts monitoring the present altcoin narratives level to synthetic intelligence (AI), RWA, and decentralized finance (DeFi) as the principle draw.
Dogecoin (DOGE) stays the largest meme coin, value about $12.1 billion. That’s near half the whole sector’s worth.
Lengthy-Time period Holders Really feel the Squeeze
Few circumstances present the shift higher than Murad Mahmudov. On the Token2049 stage in 2024, he pitched a meme coin supercycle, arguing culture-driven tokens would outrun Bitcoin and Ethereum.
He has held that meme coin portfolio for greater than two years. On-chain information tracked by Arkham exhibits he has not offered a single token. The portfolio has nonetheless fallen about 81% from its peak.
SPX6900 (SPX) leads that e book. The token trades close to $0.40 and is down roughly 67% over the previous yr, effectively under its July 2025 excessive.
Political meme cash have fared worse. Official Trump (TRUMP), launched days earlier than the January 2025 inauguration, spiked close to $73 earlier than collapsing. It now adjustments fingers round $1.71, down about 98%, and most of its patrons sit underwater.
The sample has precedent. The final time meme dominance sat this low, in early 2024, a pointy rally adopted inside months. Whether or not that repeats depends upon retail merchants returning, and for now a recent meme coin season seems to be distant whereas cash favors tokens with real-world makes use of.
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