Due to oversaturation and insufficient liquidity, the growth of memecoins is limited, and they are struggling. Although the total crypto assets market has expanded to $4 trillion, its market share has shrunk from 2.77% in 2021 to about 2% currently. A report from Galaxy attributes this to platforms like Pump.fun lowering the issuance threshold, resulting in over 57 million tokens being issued across major blockchains (with Solana accounting for 56%), which dilutes the value of individual tokens. The peak ratio of DOGE/BTC continues to decline, indicating that memecoins are losing their liquidity appeal and entering a stagnation phase, where only the hottest tokens can yield substantial returns.