Meme coin dominance has slipped to 3.7% of the altcoin market, its lowest level since February 2024, according to CryptoQuant. Analyst Darkfost says the number of meme coin holders now sits at a three-year low.
The reading marks a steep retreat from November 2024, when a post-election trading frenzy pushed meme tokens above 10% of the altcoin market. Capital has since flowed elsewhere.
Capital Rotates Toward Utility Tokens
The dominance ratio weighs the combined value of meme tokens against the wider altcoin market. A falling reading shows the group losing ground to its rivals.
“Meme coin holders are becoming increasingly rare,” Darkfrost highlighted.
The rotation shows up in raw market value. Meme tokens are worth roughly $28 billion combined. Real-world asset (RWA) tokens, a sector now drawing capital, top $64 billion, more than double that, per CoinGecko data.
Analysts tracking the current altcoin narratives point to artificial intelligence (AI), RWA, and decentralized finance (DeFi) as the main draw.
Dogecoin (DOGE) remains the biggest meme coin, worth about $12.1 billion. That is close to half the entire sector’s value.
Long-Term Holders Feel the Squeeze
Few cases show the shift better than Murad Mahmudov. On the Token2049 stage in 2024, he pitched a meme coin supercycle, arguing culture-driven tokens would outrun Bitcoin and Ethereum.
He has held that meme coin portfolio for more than two years. On-chain data tracked by Arkham shows he has not sold a single token. The portfolio has still fallen about 81% from its peak.
SPX6900 (SPX) leads that book. The token trades near $0.40 and is down roughly 67% over the past year, well below its July 2025 high.
Political meme coins have fared worse. Official Trump (TRUMP), launched days before the January 2025 inauguration, spiked near $73 before collapsing. It now changes hands around $1.71, down about 98%, and most of its buyers sit underwater.
The pattern has precedent. The last time meme dominance sat this low, in early 2024, a sharp rally followed within months. Whether that repeats depends on retail traders returning, and for now a fresh meme coin season looks distant while money favors tokens with real-world uses.