The memecoin market has experienced a dramatic decline, with its market capitalization falling from $150.6 billion in December 2024 to $47.2 billion by November 2025. This significant drop of over $100 billion is attributed to market saturation and a surge in scams. In January 2025 alone, approximately 73,000 new tokens were launched daily, many of which failed within a week, eroding investor confidence. Rug pulls and fraudulent activities have further damaged trust in the memecoin sector. Despite the downturn, Dogecoin remains a dominant player, holding 47.3% of the market cap. Some projects, such as DEGEN, are attempting to innovate by incorporating DeFi features. The United States continues to be a major hub of interest, accounting for 30% of global engagement in memecoins.