CryptoQuant CEO Declares Meme Coins “Dead,” but Many Still See Rebound Potential

CryptoQuant CEO Ki Young Ju has called meme coin markets “dead” as recent on-chain data shows meme coin dominance in altcoin markets has dropped to multi-month lows.

This declaration has sparked debate within the cryptocurrency community. Some suggest that the bottom is near, while others see mounting losses and shrinking liquidity as signs of serious decline.

Meme Coin Dominance Hits Lowest Point Since Early 2024

Data from CryptoQuant shows that meme coin dominance in altcoin markets has declined continuously this year. It peaked at around 0.109 in November 2024. However, the metric now sits at 0.034, matching lows from February 2024. This decline signals a clear move away from speculative meme tokens.

CoinGecko data reinforces this picture. Market capitalization across meme-coin sub-categories surged into a clear peak in late 2024 and early 2025, before entering a sustained downturn. On a yearly basis, leading meme tokens have suffered heavy losses.

Dogecoin (DOGE) is down 66.3%, while Shiba Inu (SHIB) has fallen 71.3%. Losses are even more pronounced for Pepe (PEPE), which declined 81.6%. Lastly, Bonk (BONK) shed 76% of its value over the same period.

Overall, the meme coin market has dropped by 65.9%, according to Artemis data. Solana’s meme coin sector has been especially hard hit. Joao Wedson, founder and CEO of Alphractal, observed that,

“Meme coins and altcoins in the Solana ecosystem just hit their worst phase — for many, they’re simply dead.”

He also noted that payment-focused altcoins remain resilient, indicating a divide between utility and speculation.

Why Did Meme Coins “Die”?

Analysts outlined several reasons for the decline in meme coin dominance. A trader argued that ultra-cheap launches, lacking protection against rug pulls, have eroded trust, community, and long-term holding, leaving only short-term extraction.