Investor enthusiasm for meme coins has sharply declined, with sector mentions dropping to just 2.5%, signaling a shift in sentiment across the cryptocurrency market. The slowdown in new token launches and waning trader engagement has sparked active discussions in the crypto community. While some see the decline as a potential “generational bottom,” others argue that the meme coin era may be reaching its conclusion.
Declining Popularity and Market Activity
Data from KAITO, shared on social platforms, shows that attention to meme coins fell from 20% at the end of 2024 to 2.5% by October 2025, representing nearly a 90% decrease. This trend is mirrored in Google Trends, where global searches for “meme coins” dropped from 100 in early 2025 to just 7 in October, reflecting significantly reduced public interest.
On-chain trading activity also confirms this shift. On Solana-based DEXs, meme coins accounted for roughly 60% of trades in early 2025, but by October, that figure had fallen to 30%, according to Galaxy Research.
Price performance follows the same pattern. Even during the recent bull market, where Bitcoin (BTC), Ethereum (ETH), and other major assets reached new all-time highs, leading meme tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) failed to regain previous peaks. Subcategories of meme tokens similarly experienced sustained declines over recent months.
Market Concentration and Token Launches
Market capitalization within the sector has become increasingly concentrated. In early October, the total fully diluted valuation of tokens launched via Pump.fun exceeded $4.8 billion, yet over 55% of this value was concentrated in just 12 tokens, highlighting limited investor support for most new projects.
The pace of new token creation has also slowed. Over 13 million meme coins were issued in the past year, but activity dropped sharply in recent months, with September launches 56% lower than January. These trends indicate that the hype surrounding meme coins is fading.
Shifts in Market Focus
According to a recent a16z report, regulatory clarity and bipartisan policies are opening the door for more productive blockchain applications. Market attention has increasingly shifted to emerging trends, including artificial intelligence (AI), autonomous agents, and DeFi innovations. Tokens within ecosystems like x402 have seen substantial price growth, while perpetual DEXs experienced explosive trading activity in 2025.
Community Perspectives on Meme Coin Future
The crypto community remains divided over the sector’s future. Some analysts insist, “Meme coins will never die,” while others believe the sharp decline signals the end of an era.
Analyst Ethan suggested that the current drop might represent a “generational bottom,” a level below which investor interest is unlikely to fall significantly and could rebound. Another trader noted:
“Don’t buy meme coins if you’re only going to complain about losses. Memes are risky. Rewards can be higher—but sometimes fleeting.”
Despite skepticism, the sector continues to reflect the speculative side of crypto markets. Whether meme coins will recover influence or fade into digital history remains to be seen, as investors increasingly turn their attention toward metaverse projects, AI, and DeFi innovations.
