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CryptoQuant contributor Darkfost said the ratio of meme coin market capitalization to altcoin market capitalization fell to 0.027, the lowest level on record. That puts meme coins at roughly 3% of the altcoin market by relative market cap.
Darkfost said altcoins have recently shown relative strength while meme coins have remained weak, widening the gap between the two segments. Although such extreme divergence could support a strategy aimed at a meme coin rebound, Darkfost said that would amount to a high-risk investment. Darkfost added that a sharp increase in the number of altcoins and meme coins is also weighing on the sector, as limited liquidity is being spread across a larger number of tokens.