Memecoin markets have plummeted to multi-year lows in 2025, with their dominance reverting to levels last seen in 2022. Data from CryptoQuant and CoinGecko indicate a significant shift as Bitcoin's dominance increases amid reduced speculative activity. Memecoin dominance has sharply declined from 0.11 in late 2024 to approximately 0.04. The downturn affects various segments, including dog-themed tokens, Elon Musk-inspired memes, and Solana-based projects, all experiencing waning interest. The market shows limited opportunities for altcoins, with no new themes emerging to capture retail or institutional investment. Overall liquidity is retracting across the sector, reflecting a broader pullback in speculative trading.