Internet reports that the Meme coin craze that dominates the crypto market in 2024 has cooled significantly. According to the GMCI index chart, there has been a general decline in many crypto fields, with the Meme index falling particularly significantly. It fell from a peak of about 550% in December 2024 to 80% in March, a drop of 90%. The main component currencies in the index, including Shiba Inu, Dogecoin, Pepe and Trumpcoin, are all facing greater selling pressure, and speculative traders are withdrawing from the market. The downward trend is not limited to Meme coins. Since the beginning of 2025, all GMCI sub-indices have shown a downward trend, but the declines have varied. The AI and GMCI30 indices were relatively resistant to declines, with smaller corrections, while the GMCI12 and DeFi indices fell more significantly. In addition, activity data on the Memecoin launch platform also shows weakening market interest. Take Pump.fun as an example. Its daily revenue has dropped below US$1 million, far below the previous peak level, indicating that the market's enthusiasm for new coin issuance has cooled significantly.