Analysis: Memecoins' Share of Altcoin Market Falls to Record Low

Investor interest in memecoins has cooled sharply, driving their share of the broader altcoin market down to the lowest level on record, according to an analysis.

CryptoQuant contributor Darkfost wrote on Sept. 7 that memecoins' share of total altcoin market capitalization had hit an all-time low. Digital-asset investors have never turned away from memecoins to this extent, he added.

CryptoQuant data show memecoin dominance surged to about 11% at the end of 2024 before entering a prolonged decline. It has recently fallen to around 3%, dropping below its previous low.

Darkfost said the extreme drop in interest could also open the door to a new "memecoin season." He pointed to a case in late 2025, when memecoin dominance fell to what was then a record low of about 3.2% before Dogecoin, Shiba Inu and Bonk rebounded in unison in early 2026.

Some memecoins are beginning to move again, but the trend has not yet spread across the broader market, Darkfost wrote. Whether the current extreme lack of interest will trigger a new memecoin season remains to be seen.