Market Insider tallied the shift: 2023 had $PEPE and $BONK, 2024 boasted a dozen like $WIF and $POPCAT, and 2025 added $TRUMP and $MELANIA, but this year stands at none. Traders note 28 memecoins have ever peaked at $1 billion, combining for $213 billion in highs yet holding just $19 billion today, with the sector around $25–28 billion led by veterans like Dogecoin, Shiba Inu, and Pepe. Observers point to fewer new buyers and lower liquidity amid high token volume, though pockets of activity persist in tokens like $CASHCAT near $100 million, as sentiment splits between hopes for low-cap wins and signs of a cooled supercycle.