The memecoin market has experienced a dramatic decline, losing over 56% of its value since December 2024. The total market capitalization fell from a peak of $124 billion to approximately $54 billion by March 2025. This downturn has raised concerns regarding the sustainability of memecoins, with many analysts suggesting that retail traders have been adversely affected as celebrities and insiders profited from the volatility. The market has now erased all gains achieved following Donald Trump's election victory, which had initially sparked a surge in interest and investment in memecoins. Notably, the market reached a high of $137 billion on December 8, 2024, before the recent collapse. As of now, only four memecoins maintain a market cap above $1 billion, including Dogecoin and Shiba Inu, while the overall sentiment remains cautious amid regulatory uncertainties and economic concerns.