The cryptocurrency market is experiencing a downturn, with many large-cap meme coins facing challenges. Analysts indicate that the current market sentiment is at a low not seen since the FTX crash, despite Bitcoin being only 10% below its recent highs. The market's liquidity has tightened significantly, attributed to a year of high trading fees, which some believe is leading to a necessary reset where weaker coins may fail. The launch of meme coins related to political figures, such as a second Trump coin, has raised concerns about liquidity drain, with predictions that 99% of altcoins could continue to decline if market participants act as exit liquidity. While some believe the cycle has not topped, many are cautious about the potential for a bull run, with various upcoming airdrops and initiatives aimed at promoting crypto adoption. However, the overall sentiment remains pessimistic, with many altcoins down 80-90% from their highs, and the market's future trajectory appears uncertain.