The GMCI Meme index, tracked by The Block, has plunged 90% from its December peaks, indicating a cooling interest in such high-risk assets.
At the end of last year, the metric showed a 550% increase, but by March its values had dropped to 80%.
The largest assets in the index, such as SHIB, DOGE, PEPE, and TRUMP, faced selling pressure from speculative traders who began to lock in losses en masse.
Memecoins are characterized by their reliance on social media activity and community sentiment, yet they lack significant fundamental value drivers.
The decline is not limited to the “funny coin” segment. All GMCI indices have shown a downturn since the beginning of 2025. The AI and GMCI30 metrics appear more resilient with smaller losses, while GMCI12 and DeFi are falling more sharply.
The situation is exacerbated by macroeconomic instability, including rising tensions in global trade. In such conditions, investors are moving away from speculative assets to safer instruments.
This is particularly evident in the case of the “memetoken factory” Pump.fun. Its daily revenue has fallen below $1 million, although the platform recently enjoyed multimillion-dollar earnings.
In February, Pump.fun faced a sharp reduction in the number of assets reaching listing on the decentralized Solana exchange Raydium. This occurred amid waning interest in memecoins and a deep market correction.