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Memecoins’ Silence Could Signal a Comeback: Santiment

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Cryptocurrencies, Adoption

A reversal in memecoins could come sooner than traders expect, even amid choppy conditions across the broader crypto market, if history is any indication, according to crypto sentiment platform Santiment.

“There is a growing narrative of “nostalgia” regarding memecoins, with many traders treating the sector as if it is permanently dead,” Santiment said in a report published on Friday.

Cryptocurrencies, Adoption
Dogecoin’s price, which has historically moved significantly during memecoin uptrends, is down 32% over the past 30 days. Source: CoinMarketCap

“This collective acceptance of the ‘end of the meme era’ is a classic capitulation signal,” Santiment said, explaining that when a sector of the market is completely written off, it is often the “contrarian time” to start paying attention.

“Watch sectors that the crowd has left for dead; max pain often marks the bottom,” Santiment said.

Memecoin market cap falls amid market decline

The total memecoin market capitalization has fallen 34.04% to $31.02 billion over the past 30 days amid a wider crypto market decline that saw Bitcoin (BTC) fall near $60,000 on Feb. 3, the lowest point the asset’s price has been since October 2024, according to CoinMarketCap.

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Among the top 100 cryptocurrencies, memecoin gains over the past seven days were mostly modest, except for outlier Pippin (PIPPIN), which surged 243.17%. The next best performers were Official Trump (TRUMP), up 1.37%, and Shiba Inu (SHIB), up 1.11%.