On-chain analytics platform Santiment has identified "classic capitulation signals" in the meme coin market, suggesting a potential bottom as traders express widespread pessimism. Meme coin market capitalization has dropped 34.04% to $31.02 billion over the past month, reflecting negative sentiment. Despite this downturn, Santiment notes that skepticism amid rising prices could indicate a healthy market poised for recovery. Analysts suggest that future market activity may be selective, benefiting only certain cryptocurrencies rather than a broad altcoin rally.