Finst

Meme Coin Dominance Falls to Its Lowest Level Since 2024

CryptoQuant says money is moving into AI, RWA, and DeFi tokens, while Dogecoin still props up much of the meme coin market.

By Finst News
• 2 min read
Meme Coin Dominance Falls to Its Lowest Level Since 2024

Key Takeaways

  • Meme coin dominance has slipped to 3.7% of the altcoin market, its lowest point since February 2024.
  • CryptoQuant says the number of meme coin holders has fallen to a three-year low.
  • Capital is rotating into AI, RWA, and DeFi tokens, while Dogecoin still accounts for nearly half of the meme coin sector.

Meme coin dominance has dropped to 3.7% of the altcoin market, marking its weakest level since February 2024. CryptoQuant also says the number of meme coin holders has fallen to a three-year low, a sign that the sector is steadily losing momentum to other crypto narratives.

Capital Is Looking for Other Themes

The move is a sharp reversal from November 2024, when a post-election trading surge in the U.S. pushed meme tokens to more than 10% of the altcoin market. Since then, money has rotated into other corners of crypto, with tokens tied to more obvious use cases drawing the most interest.

Dominance tracks meme tokens’ combined value against the broader altcoin market. That means a decline does not only point to a smaller sector, but also to faster growth elsewhere. Right now, AI, RWA, and DeFi are the themes attracting the most capital from traders and investors.

The total market value of meme tokens now sits at about $28 billion (€24.5 billion). By comparison, RWA tokens are above $64 billion according to CoinGecko, more than double that figure. It is a reminder of how quickly market leadership can change once attention shifts away from hype and toward tokens with a more concrete investment case.

Dogecoin Is Keeping the Sector Afloat

Dogecoin is still the clear leader in the category, with a market value of about $12.1 billion (€10.6 billion). That gives it nearly half of the entire meme coin sector, which means the category’s relevance still leans heavily on one token even as broader enthusiasm fades.

The weakness is also weighing on long-term holders. Murad Mahmudov kept his meme coin portfolio intact for more than two years after making his case for a meme coin supercycle at Token2049 in 2024, but Arkham data show he has not sold any of the tokens. Even so, the portfolio is still down about 81% from its peak.

SPX6900, one of the largest holdings in that portfolio, is trading near $0.40 (€0.35) and is about 67% lower than it was a year ago. Official Trump, which launched just before the January 2025 inauguration, came close to a peak of $73 (€64) before sliding back to around $1.71 (€1.49), leaving most buyers in the red.

What This Means for Europe

For European crypto readers, the shift matters because meme coins are often one of the quickest ways to gauge risk appetite in the market. If capital keeps moving in a more structural way toward AI, RWA, and DeFi tokens, that could help define which narratives attract the most trading volume over the next few months. At the same time, this pullback is a reminder of how dependent this part of the market still is on retail interest and short-lived hype cycles.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.