Memecoin is losing its appeal as investors shift their focus to ASTER and XPL.

The memecoin index GMCI has maintained a nearly "stagnant" state around the 220 level for many months now, significantly down from the peak of 600 reached during last year's speculative frenzy, when names like Fartcoin, BONK, and WIF captured the full attention of retail traders.

This development is in stark contrast to the broader altcoin indices, particularly the top 30 tokens, which have consistently set new historical highs since November. This divergence reflects the trend of capital flowing away from memecoin to seek projects that are considered to have fundamental value.

Even long-established memecoin brands like Dogecoin, Pepe, and Shiba Inu cannot regain their previous growth momentum, indicating that the difficulties in this segment are not limited to new, highly speculative tokens.

In the context of the recent altcoin positioning wave, memecoin is gradually being "left behind" as investors prioritize projects with development roadmaps and the ability to create real value. Notably, new tokens like ASTER and XPL have both made impressive debuts and have been positively received by the market. This success indicates that investors are becoming increasingly discerning, prioritizing projects with roadmaps, revenue-generating capabilities, and real products, rather than just chasing trends.

If last year memecoin played the role of a "gateway" for many new retail investors entering the crypto market, the picture has now changed: capital is flowing into specific product-linked tokens such as stablecoins, tokenized real assets, or DeFi platforms — areas expected to provide more sustainable value.

Thạch Sanh