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Meme coins have spent years as crypto’s loudest corner. Lately, they have been one of its smallest.
On October 5, 2026, CryptoQuant on-chain analyst Darkfost reported that meme coins now make up roughly 3% of total altcoin market capitalization. The ratio sits at 0.027, an all-time low for the metric.
How far meme coins have fallen
The metric compares the combined market value of meme coins against the total market value of altcoins, meaning crypto assets other than Bitcoin.
Back in July 2026, the ratio had already dropped to 3.7%. At the time, that marked the lowest reading since February 2024.
The contrast with the recent past is stark. During the meme coin season of November 2024, the ratio peaked above 10%.
Why the gap keeps widening
Darkfost pointed to several forces behind the decline. The first is straightforward: altcoins have simply performed better than meme coins in recent months.
The second factor is supply. A steady stream of new meme coins has flooded the market, spreading available liquidity across an ever-growing list of tokens.
The third factor is interest, or the lack of it. According to the research, the number of meme coin holders has fallen to multi-year lows.
A rebound signal, or just a low reading
Darkfost did not frame the data as purely bearish. He noted that extreme performance divergences like this one have historically left the door open for a meme coin recovery.
In late 2025, the ratio dipped to around 3.2%. What followed was a notable bounce. In early 2026, tokens including Dogecoin, Shiba Inu and Bonk staged recoveries after that low reading.
Today’s ratio sits even lower than the late 2025 trough that preceded the last rally.
Still, Darkfost cautioned that the current data, on its own, does not provide a clear signal that a reversal is coming.
Who is behind the data
Darkfost is a recognized contributor at CryptoQuant, an on-chain analytics firm. His work is frequently cited by major outlets, including Cointelegraph and Bloomberg.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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