Meme coins' share of altcoin market cap drops to 3.7%, hitting new low since February 2024

CoinFeed July 6 news, according to BeInCrypto report, CryptoQuant data shows that the share of Meme coins in the altcoin market cap has dropped to 3.7%, the lowest level since February 2024, and the number of holders has also hit a three-year low. The ratio exceeded 10% in November 2024 and has been declining since. Capital is flowing from Meme coins to utility token sectors such as AI, RWA, and DeFi. The total market cap of Meme coins is approximately $28 billion, while RWA tokens have exceeded $64 billion. Dogecoin remains the largest Meme coin with a market cap of about $12.1 billion, accounting for nearly half of the entire sector. Well-known Meme coin advocate Murad Mahmudov has held his Meme coin portfolio for over two years without selling since his 2024 Token2049 speech, but it has dropped about 81% from its peak.