Memecoin markets freeze as dominance drops to lowest levels in years

Memecoin markets are experiencing a major downturn, with dominance crashing to 0.04, comparable to late 2022. Data from CryptoQuant and CoinGecko reveals that every category of memecoin, including dog-themed tokens such as Dogecoin (DOGE), is declining without any signs of recovery.

This stagnation suggests a lack of liquidity in the market and highlights an absence of emerging themes, leaving the memecoin sector at risk for an extended period of inactivity unless retail interest revives.