The memecoin hype that defined crypto markets in 2024 has significantly cooled, with the GMCI Indices chart revealing a broad-based decline across multiple crypto sectors. Most notably, the GMCI Meme Index has experienced a dramatic reversal, plummeting from a peak of approximately 550% gains in December 2024 to just 80% in March.

This 90% drawdown in the meme sector highlights the inherently volatile nature of these assets, which typically lack fundamental value drivers and rely heavily on social media momentum and community enthusiasm. The index's largest holdings — including Shiba Inu, Dogecoin, Pepe and Trump tokens — have all faced substantial selling pressure as speculative traders exit positions.

The decline isn't isolated to memecoins. The chart shows all GMCI indices trending downward since early 2025, though with varying severity. While the AI and GMCI30 indices have demonstrated more resilience with moderate pullbacks, the GMCI12 and DeFi indices have followed steeper downward trajectories.

This market-wide retreat coincides with broader macroeconomic uncertainty and escalating U.S. trade tensions, factors that have dampened risk appetite across financial markets. In such environments, speculative crypto assets typically experience the most pronounced corrections as investors seek safer positions.

The changing landscape is further evidenced by activity metrics on memecoin launchpads. Pump.fun, once a hotbed of speculative trading, has seen its daily revenue drop below $1 million, reflecting waning interest in new token launches. This marks a significant shift from the platform's heyday when it regularly generated multiple millions in daily fees.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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