The memecoin market is undergoing a substantial downturn, with over 99% of existing memecoins facing significant challenges. Analysts suggest that this period is akin to a mass extinction event for many lesser-known tokens, with only a handful expected to emerge stronger. Prominent memecoins such as Mog, Pepe, Spx, and Bitcoin are highlighted as potential survivors that could rise from the current market conditions. Despite the downturn, some experts believe that the cycle for memecoins is not over, predicting a resurgence as the market stabilizes. The average decline for major celebrity-backed coins is reported at 78% from their all-time highs, while the overall market capitalization for memecoins, excluding Dogecoin and Shiba Inu, remains relatively small. Observers note that bottoms in the market often form when speculators have given up, suggesting that the current sentiment could pave the way for future gains.