Last Christmas was still a time of celebration, but the Meme coin sector has completely changed its landscape this year. The latest data shows that the total market capitalization of the entire Meme coin track has been halved repeatedly, now remaining at only $36 billion, which is a 65% wipeout. This is not just a numerical change, but a complete collapse of confidence in the ecosystem.

What’s even more heartbreaking is the sharp decline in trading volume. On-chain activity has dropped by 72%. What does this indicate? It means even the most aggressive retail investors are starting to withdraw. The once feverish enthusiasm of "buying animal coins to get rich quickly" has dissipated, replaced by rational fear and silent observation.

This turning point is quite thought-provoking. In 2024, Meme coins experienced a crazy surge driven by election topics and social hot spots, but by 2025, the same narrative logic began to backfire. Those previous profit-making effects have now turned into traps for holding. Why? Because Meme coins have never been based on fundamentals or technical support; their essence is emotion and consensus. When emotions cool down and consensus disintegrates, prices naturally lose their support.

Many people are still asking: where is the next Meme coin to explode? This question itself is already wrong. The market is telling everyone in the harshest way — projects that rely solely on hype, lack an ecosystem, and have no practical application will ultimately face zero. Those coins that only survive on hype and hot topics, once the heat fades, are left with nothing but a pile of chicken feathers.

But this may not all be bad news. The sharp correction in the Meme coin sector reflects an important market shift — from pure entertainment and speculation to a re-evaluation of real value and long-term logic. Projects with genuine community support, technical accumulation, and practical application scenarios are being re-assessed and gaining attention from the market.

For players still in this market, a few suggestions may be worth considering:

First, carefully review your positions. Those Meme coins driven purely by hot topics and emotions, if they have already caused actual losses, it’s better to cut losses proactively rather than passively waiting for a rebound, and reallocate funds to areas with stronger fundamentals.

Second, stop chasing every emerging hot spot. Hot topics have shorter and shorter lifespans; chasing them often only means taking over the positions of previous investors.

Third, shift your focus to projects that are genuinely doing work, have community support, and can withstand cycles. Accumulating value during bear markets is the right strategy to face the next cycle.

The market is always educating participants. The collapse of Meme coins this round may be an important node in the shift from speculation-driven to value-driven crypto ecology. Survival of the fittest, elimination of the inferior, the same rules that have always governed history apply here as well.