Meme coins now represent roughly 3% of total altcoin market capitalization, with a ratio of 0.027, an all-time low. In November 2024, during the meme coin season, this ratio had peaked above 10%. This decline is driven by three factors: the recent outperformance of altcoins, a steady stream of new meme coins flooding the market and spreading liquidity thinner, and the number of meme coin holders falling to multi-year lows. CryptoQuant analyst Darkfost nuances the data by noting that in late 2025, a similar ratio was followed by a notable bounce in early 2026, though this does not alone constitute a clear reversal signal.
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