 ▲ Meme coins plunge/ChatGPT-generated image © |
Attention is focusing on whether Dogecoin (DOGE) can step in as a savior for the meme coin market, but related indicators instead show that the downturn is becoming entrenched.
According to cryptocurrency outlet Bitcoinist on February 13 (local time), the MEMECOIN index calculated by MarketVector has fallen 22.44% so far this year and plunged 67.65% over the past year. The index is a weighted average of the top six meme coins by market capitalization, and since its launch on October 31, 2021, it has recorded a cumulative decline of 75.81%. In particular, since July 2025, a classic downtrend has persisted, marked by lower highs and lower lows.
Analysts say the slump in meme coins reflects a different level of weakness compared to corrections seen in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple). Although large-cap assets have also retreated recently, meme coins have been in a structural downtrend for a longer period. The 22.44% drop in just the first two months of the year is interpreted as a signal that investors are not actively allocating funds to meme coins in 2026.
Dogecoin, which accounts for the largest share of market capitalization, has a decisive impact on the index’s movement. However, its recent price action is far from showing rebound momentum. After breaking below the $0.10 level, Dogecoin is currently fluctuating around $0.093. For the meme coin index to rebound, Dogecoin would need to lead a strong rally, but for now it is not demonstrating clear leadership.
Dogecoin still holds a unique position in terms of brand recognition and has the structural advantage of being the only meme coin with a spot ETF. However, this institutional foundation has not translated into a sustained upward trend. The current trajectory suggests that Dogecoin alone may be insufficient to revive the broader meme coin market.
Ultimately, whether meme coins recover depends on Dogecoin’s price momentum and an improvement in overall market sentiment. For now, however, the indicators more clearly show that the meme coin sector remains in a deep correction phase.
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