Memecoin dominance at lowest since Feb. 2024 amid waning investor interest

According to on-chain analyst Darkfost, memecoin dominance has dropped to its lowest level since February 2024. He noted that the ratio of memecoin market capitalization to the total altcoin market cap is now 3.7%, the lowest in the past three years. This contrasts with the memecoin season last November, when dominance exceeded 10%. Darkfost concluded that the number of memecoin investors has significantly decreased, suggesting that market interest has effectively vanished.