The memecoin market is experiencing a downturn, with industry experts declaring the craze over. Nic Carter, a partner at Castle Island Ventures, stated that the trade is 'unquestionably over' due to insider dominance and recent scandals that have undermined the fairness of memecoin launches. Memecoins, which had surged 90.2% in late 2024, have since seen a sharp correction of 37.4%. The decline in speculative activity is reflected in the significant drop in open interest across major assets, including a 52.1% decrease in memecoins. Additionally, Solana has faced a nearly 40% drop in user activity as trust erodes from various rug pulls, prompting capital shifts towards Ethereum and Arbitrum. Bitcoin's price discovery attempts have stalled, with a 5.9% dip this month, while Ethereum and Solana have seen declines of 16.9% and 33.1%, respectively.