Crypto: Memecoins Sink to Their Lowest Level Since 2022

For several months, the signals have been multiplying. Crypto market indicators point in one direction only: the plunge of memecoins. Once the engine of speculative euphoria, this segment now seems lost. Lack of inspiration, drop in liquidity, massive disinterest… the symptoms are there. But should we already talk about disappearance? Is this the end of an era or just a crossing of the desert? An attempt to respond in a universe as volatile as it is viral.

Memecoins no longer make anyone laugh: a fall without a safety net

In the crypto universe, the dominance of memecoins is an emotional thermometer to the point where they are considered a lucrative bubble. Yet, the mercury has collapsed: the memecoin market enters a true ice age, with dominance fallen to its lowest level in several years.

According to CryptoQuant, their share in the altcoin market dropped from 0.11 at the end of 2024 to only 0.04, a return to 2022 levels.

And the phenomenon is not niche: all sub-sectors are affected. Stars like DOGE, SHIB, or PEPE to cultural or political memes, no category resists. CoinGecko confirms: since the peak at the end of 2024, the decline is general and continuous.

More worrying still: no narrative rotation fills the void. This is unprecedented in the crypto market. Usually, one theme replaces another. Today? Nothing. Even retail speculation has deserted.

Ki Young Ju, CEO of CryptoQuant, summed up the situation in a blunt tweet: “memecoin markets are dead“.

“Dead? Just hibernating”: too quick a burial of memecoins?

But not everyone shares this morbid view. Under Ki Young Ju’s tweet, reactions strongly contrast. For some, this fall is a disguised buy signal.

A user replies: 

Dead? Just hibernating. Bull market nap.

A way to remind that memecoins have the habit of disappearing only to come back better.

Others, like RunnerXBT, even interpret the situation as an opportunity and consider it one of the most bullish signals of the week. This counter-trend reading is based on the crypto market history: cycles repeat, and boring periods are often accumulation phases.

Memecoins, anchored in Internet culture, can be reborn from a simple buzz or an Elon Musk tweet. If the current dynamic is different, their rebound potential remains intact. Doubt settles in: should they really be buried?

The crypto market on standby, but not without heartbeat

While some ring the death knell, others watch for weak signals. And some numbers give hope. According to CoinGlass, the Open Interest (OI) of futures contracts on DOGE, SHIB, and PEPE is sharply up: +4%, +8%, and +3%. Proof that retail is slowly returning to the field.

Technical indicators confirm this stirring. DOGE consolidates between $0.133 and $0.1568, a bullish breakout could propel it to $0.1810. The RSI slowly rises towards the neutral zone, MACD follows, sign of a gradual return of demand.

Same trend for SHIB and PEPE. Their curves move horizontally but supports hold. If the $0.00000900 threshold for SHIB is crossed, a new bullish phase could start. The crypto market thus seems suspended, awaiting a catalyst.

Key takeaways on the collapse of memecoins

• 0.04: current memecoin dominance level, equivalent to that of 2022 (CryptoQuant);
• +8%: SHIB Open Interest increase, signal of retail return (CoinGlass);
• 2024-2025: synchronized decline of all memecoin categories;
• $2.5 million: long liquidations on DOGE in 24h – more than shorts;
• Zero narrative relay: no sector substitution takes over.

It would be unwise to dismiss memecoins with a wave of the hand. Last August, after a sudden crash, they showed they could be the first to restart the crypto machine. Their community and viral potential remain intact. This current silence may be just the calm before the storm.