Meme coins now make up just 3.7% of the altcoin market. That’s the lowest since February 2024, according to CryptoQuant. Analyst Darkfost says meme coin holders hit a three-year low.
The drop is steep. Back in November 2024, meme tokens were above 10% of altcoin market cap. The post-election frenzy pushed everything up — Dogecoin, SPX6900, political tokens. Now? Money’s flowing elsewhere.
Real-world asset tokens are sitting at $64 billion. Meme coins? About $28 billion combined. Dogecoin alone accounts for $12.1 billion of that — nearly half.
Murad Mahmudov is the poster child for how brutal this rotation’s been. He pitched a “meme coin supercycle” at Token2049 in 2024. Held his portfolio for over two years. Never sold a single token. He’s down 81% from peak.
Political meme coins took the worst hit. Official Trump (TRUMP) launched near $73 ahead of the January 2025 inauguration. It’s trading around $1.71 now. That’s a 98% collapse. Most buyers are under water.
Will meme coins bounce back? The last time dominance was this low, early 2024, a sharp rally followed. But retail isn’t coming back yet. For now, money’s chasing tokens with actual use cases.
