Memecoins Aren't Dying, They're Being Replaced This stat stopped me cold. $DOGE and SHIB combined are now worth just 1.02% of Bitcoin's market cap, a record low. Back in 2021 that number was 7%. So for every dollar in Bitcoin, seven cents chased joke coins. Today it's barely one. Easy conclusion: memecoin mania is over. But I wrote about Cash Cat going from $10 million to $100 million in a few hours this month. Traders are still gambling like crazy. So what's really happening? Here's my read. The money didn't leave memecoins, it left old memecoins. Doge and Shib became legacy holdings, the boomer coins of degen investing. Speculation rotated to whatever launched last week on whatever chain subsidized gas. Meanwhile the serious money went the other direction entirely. ETFs pulled institutions into Bitcoin, and tokenized assets soaked up capital that once had nowhere sensible to go. Two crowds, two destinations, neither one buying Shiba Inu. Personally, I think that's healthy. The market split into people who want returns and people who want lottery tickets. Both still exist. They just stopped pretending to be the same trade. 🐕👀