Meme coin dominance has dropped to its lowest level in 1.5 years, as Ethereum's market value surges, according to an August 15, 2025 report. Despite a 79.5% increase in meme coin market cap since April, Ethereum's value has soared by 215.91% during the same period, drawing significant market liquidity away from meme coins. Analysts describe the current market as being in Phase 2 of a four-phase cycle, with Ethereum's dominance overshadowing other altcoins. This month, Ethereum has seen a 25.41% increase, while top meme coins like Dogecoin, Shiba Inu, and Pepe have experienced smaller gains. The cyclical nature of altcoin seasons suggests potential future rallies for meme coins, though the impact of institutional involvement remains uncertain.