The once-feverish excitement surrounding memecoins seems to be waning, as data reveals a significant downturn in the market. The top 10 memecoins have experienced an average drop of 63.73% from their peak values over the past year, signaling a potential shift in investor sentiment.
Among the hardest hit are Shiba Inu (SHIB) and Dogelon Mars (ELON), both down over 70%. Dogecoin (DOGE), the original memecoin, has fared slightly better with a 57.93% decline. Even Pepe (PEPE), which saw a meteoric rise earlier this year, has plummeted by 58.16%.
This downturn coincides with a broader shift in the memecoin landscape. While Gen Z investors once flocked to memecoins with the hope of striking it rich, the focus has shifted away from purely speculative investments.
“Gen Z is diving into memecoins much like they use TikTok,” notes one analyst. “They’re looking for the next viral sensation, but the market is becoming increasingly saturated.”
Earlier this year, political memecoins dominated the scene, fueled by the US presidential race. Today, while politics still plays a role, the focus has shifted to Gen Z-centric memes and trends.
