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CryptoQuant CEO declares meme coins as 'dead', but many still see potential for upside
CryptoQuant CEO Ki Young Ju has called the meme coin markets 'dead', as fresh on-chain data shows that meme coin dominance in the altcoin markets has fallen to multi-month lows.
This statement has sparked debate in the crypto community. Some believe the bottom is near, while others see increasing losses and declining liquidity as signs of a severe downturn.
Meme coin dominance at its lowest since early 2024
Data from CryptoQuant shows that meme coin dominance in the altcoin markets has fallen continuously this year. It peaked at around 0.109 in November 2024. This metric now stands at 0.034, corresponding to low levels from February 2024. This decline indicates a clear shift away from speculative meme tokens.
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ASTER is currently trading near $0.79, and the daily chart still shows selling pressure. Price is struggling to hold above key moving averages, which keeps the overall momentum on the weaker side.
The $0.76 area is acting as short-term support. If this level fails, we may see another downward move. On the upside, $0.88 – $0.97 remains a strong resistance zone where sellers could step in again.
For now, patience is important. A clearer trend shift would only be confirmed once price starts closing above the major EMAs on the daily timeframe.
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