The memecoin sector is struggling hard right now. That's the takeaway from data analysts tracking on-chain activity—volumes are down, liquidity's drying up, and retail enthusiasm that once fueled these tokens has pretty much evaporated. The hype cycle that lifted memecoins to stratospheric valuations? It's over. What's left is a cautionary tale: when sentiment alone drives an asset class, reality catches up eventually. Some projects will survive by finding actual utility, but the days of pure speculation-driven gains seem numbered. The market's becoming more discerning, and that's probably healthy long-term, even if it stings for holders right now.