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Wu noted that, according to CryptoQuant on-chain analyst Darkfost, the dominance of Meme coins relative to the altcoin market has dropped to its lowest level since February 2024. The cited indicator is the ratio of the total market cap of Meme coins to the total market cap of altcoins, used to observe the heat of the Meme coin market. Data shows that in November 2024, the Meme coin rally pushed this ratio above 10%, but it has now fallen back to 3.7%.