The era of Meme coins comes to an end? Popularity big dump by 90%, the market's "mind share" is only 2.5%.

The market heat of Meme coins is significantly cooling, with their “mind share” in the encryption industry plummeting from 20% at the end of 2024 to only 2.5% in October 2025, a drop of nearly 90%. Various indicators, such as volume, the number of new token issuances, and global search trends, have all significantly declined, indicating that investor enthusiasm is rapidly waning. This phenomenon has sparked intense debate in the community: some analysts believe this marks the arrival of the “generational bottom,” while others assert that the era of Meme coins may be nearing its end.

Data Pivot: Avalanche Drop in Meme Coin Market Interest

The decline in enthusiasm for meme coins is not mere speculation, but is supported by concrete data. Multiple key indicators reflect that investors' attention is rapidly shifting away from this speculative area:

1. Mindshare ( Mindshare ) big dump: According to the data compiled by KAITO, the attention of Meme coin in the entire encryption field, or “mindshare”, has dramatically decreased from about 20% at the end of 2024 to 2.5% in October 2025, reflecting a fundamental shift in investor sentiment.
2. Google search trends shrink: Global search interest for “Meme coins” plummeted from a peak of 100 points in early 2025 to just 7 points in October, with the sharp decline in public attention synchronizing with changes in market share.
3. Volume ratio halved: On mainstream public chains such as Solana, the proportion of Meme coins in the trading volume of decentralized exchanges (DEX) has also significantly decreased. According to a report by Galaxy Research, this ratio has dropped from around 60% at the beginning of 2025 to about 30% in October.
4. Top tokens perform mediocrely: Data shows that even during the recent bull market, when major assets like Bitcoin and Ethereum reached new highs, top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have also failed to revisit their historical peaks.

In addition, the market value is highly concentrated, and new projects lack attention. Tokens launched early through platforms like Pump.fun have their total market value concentrated in a few leading projects, with most new projects failing to attract meaningful funding or community attention. Compared to January of this year, the number of new Meme coins launched in September decreased by 56%, and the slowdown in token creation activities is another clear signal of the cooling popularity of Meme coins.

Narrative Focus Shift: From Speculation to Practicality and Policy-Driven

The decline in the popularity of Meme coins is largely due to a shift in the narrative focus of the encryption market. According to a16z's latest report, sound policies and bipartisan legislation are clearing obstacles for more productive blockchain use cases.

Therefore, the market focus has shifted from the pure speculation of Meme coins to areas with actual application value:

• AI Intelligent Agent (AI Agent): Represented by tokens in the x402 ecosystem, it recorded astonishing increases in the three-digit or even four-digit range, capturing a lot of market attention.
• Perpetual Decentralized Exchange (Perp DEX): Such protocols have experienced explosive growth this year, attracting new investment funds, indicating a resurgence of investor interest in the innovative practical applications of DeFi.

Community Controversy: Is it the “Generational Bottom” or the End of an Era?

In the face of the deep slump in the Meme coin market, the encryption community has shown obvious divisions.

Some analysts remain optimistic about the future of Meme coins. One analyst insisted, “Meme coins will never die,” while another analyst, Ethan, suggested that the big dump in mental share might signal a “generational bottom,” meaning interest has dropped to an extremely low point, potentially laying the groundwork for a new wave of investor attention in the future. This reflects a viewpoint: the high-risk/high-reward nature of Meme coins will still attract some speculators.

However, many market observers believe that the sharp decline in interest reflects the complete end of the Meme coin era. As investors focus their attention on utility-driven narratives such as AI and DeFi, purely community-driven and speculative tokens may find it difficult to regain their former influence.

Conclusion

The sharp cooling of Meme coin popularity is a natural result of market maturation and narrative transition. Whether the current slump is a cyclical adjustment or the end of an era, Meme coins always reflect the most speculative side of the encryption market. As investment focus shifts towards practicality and technological innovation (such as AI agents and DeFi protocols), whether Meme coins can regain their glory will be a focal point worth watching in the crypto market over the coming months.