Memecoins’ share of altcoin market cap falls to 3.7%, lowest since February 2024

Memecoins now account for 3.7% of the altcoin market, their lowest share since February 2024, while the number of holders has dropped to a three-year low, according to CryptoQuant analyst Darkfost. The sector has retreated sharply from November 2024, when a post-election trading frenzy briefly pushed memecoins above 10% of the altcoin market. The pullback points to a broad rotation in crypto markets, with analysts saying capital is moving toward artificial intelligence, real-world asset and decentralized finance tokens. CoinGecko data cited in the report put the combined value of meme tokens at about $28 billion, compared with more than $64 billion for RWA tokens. Dogecoin remains the largest memecoin at roughly $12.1 billion, or close to half the sector. The downturn has also hit prominent meme-coin bets: Murad Mahmudov’s on-chain portfolio, tracked by Arkham, has fallen about 81% from its peak, while SPX6900 trades near $0.40 and is down roughly 67% over the past year. Official Trump, launched days before the January 2025 inauguration, has dropped from nearly $73 to around $1.71, leaving most buyers underwater. The last time meme-coin dominance fell this low, in early 2024, a sharp rebound followed within months, but any repeat may depend on retail traders returning.