After 13 Million Tokens and a 90% Drop, Are Meme Coins Finally Done?

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Meme coins – the fun, chaotic side of crypto that once drove wild rallies and viral moments – seem to have lost their spark. 

Reddit and X is filled with talk of “the meme era being over” and even few analysts believe they’re not a worthy investment anymore.

But is it really the end, or just a shift in how the market works?

The Hype Isn’t What It Used to Be

Fresh data shows just how much things have cooled. According to KAITO, the meme coin market’s mindshare, which is a measure of community and investor attention, has fallen from about 20% in late 2024 to just 2.5% by October 2025. That’s a 90% drop.

Google Trends tells the same story. Global searches for “meme coins” are down from a perfect 100 at the start of the year to only 7 now. Even big names like Dogecoin (DOGE) and Shiba Inu (SHIB) couldn’t touch their old highs during the recent bull run.

Solana’s numbers confirm it. Meme coins once made up around 60% of DEX trading volume there. That’s now closer to 30%, according to Galaxy Research.

Also Read: “Don’t Buy the Meme,” CZ STATUE Memecoin Crashes 86%

What Went Wrong?

Simply put – oversupply, scams, and fatigue. More than 13 million meme tokens were launched in the past year, flooding the market. Many offered no real use case, and countless investors were burned by rug pulls and quick exits.

The latest State of Crypto 2025 report from a16z explains that the space has become overcrowded and is in need of regulation. 

The report also highlights that crypto as a whole is maturing with more users, clearer laws, and stronger infrastructure. Meme coins are no longer the wild experiments they once were.

But the Culture Isn’t Gone

Despite the slowdown, the meme movement is still here. A few new projects are breaking ground and attracting attention. 

AlphaPepe (ALPE), MoonBull (MOBU), and BullZilla (BZIL) are among the latest examples that are working to incorporate real features like staking, liquidity locks, and audits.

Community Opinions Are Split

Not everyone agrees on what happens next. 

“Memecoins will NEVER die,” one analyst claimed online. Another called this slump a “generational bottom”, meaning interest has fallen so far it could soon rebound.

As one advisor wrote, “Don’t buy memecoins if you are here to complain it’s down. Memes are like this. The risks are high. The rewards are higher (at times).”

Skeptics, however, think the era is over for good. But if history has shown us anything, it’s that things are never that simple in crypto.

Beginning of A New Phase?

The numbers say the hype is down, but the story isn’t finished. As the market grows up and investors shift to AI, DeFi, and other narratives, meme coins are learning to adapt.

The consensus is that the next version of memecoins is brewing.