The meme coin sector has lost more than 50% of its value over the past three months, prompting one analyst to argue that the long-awaited shakeout could permanently sideline several once-popular tokens. But Dogecoin (CRYPTO: DOGE), they say, still has a chance to outperform in the next bull market.

Leading Meme Coins Hitting The Wall

In a series of posts on X on Monday, crypto analyst Kevin said many leading memecoins are running out of momentum after suffering drawdowns of more than 95% from their all-time highs.

He singled out Shiba Inu (CRYPTO: SHIB), BONK (CRYPTO: BONK) and Floki (CRYPTO: FLOKI), arguing their rallies were driven primarily by speculative hype rather than sustainable fundamentals.

"Major meme coins are hitting the wall, and many may never see new all-time highs again," Kevin said.

He described Shiba Inu as a token that benefited from the meme frenzy following Dogecoin’s historic rally, while calling BONK and Floki “no-fundamentals” projects that are unlikely to revisit their previous peaks.

“This correction is a reset for the crypto space,” he said. “It’s time to weed out the worthless projects and refocus on solid fundamentals.”

Kevin was less definitive on Pepe (CRYPTO: PEPE). While acknowledging the token remains difficult to evaluate, he said he expects it to survive the current downturn and potentially participate in another bull cycle.

“I think it will probably stick around and get another opportunity,” he said, adding that he has “always had a soft spot for Pepe.”

Dogecoin Still Looks Different

Despite his bearish stance on most meme coins, Kevin made an exception for Dogecoin and also revealed he owns a small position.

Responding to another trader, Kevin said Dogecoin has “a much more constructive chart” than many newer meme coins and has proven it can survive multiple market cycles.

“I think it stays around and has another run in the future,” he said.

However, he cautioned against making Dogecoin a major portfolio allocation because it remains highly speculative and has underperformed Bitcoin (CRYPTO: BTC) for six consecutive years.

“BTC is a better bet,” he added.

When asked whether DOGE would eventually fade into obscurity or remain among crypto’s leaders during the next bull market, Kevin said his attention is now primarily focused on Bitcoin and Ethereum (CRYPTO: ETH).

While institutional capital continues flowing toward BTC, ETH and tokenized real-world asset projects, several analysts have argued that the next crypto cycle may reward projects with sustainable utility over purely narrative-driven tokens.

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