Bitwise's Chief Investment Officer, Matt Hougan, predicts the imminent downfall of the meme coin craze, signaling the potential end of an era.

Attributing the decline to a slew of fraudulent activities and scams, Hougan foresees a rapid extinguishing of the speculative fervor surrounding meme coins.

In a recent social media post, Hougan hinted at the crypto market transitioning away from the meme coin frenzy, a shift he estimates could materialize within six months.

Citing the exploits of entities such as Melania, Libra, and the Lazarus Group in utilizing meme coins for illicit purposes, Hougan emphasized the detrimental impact on the meme coin market.

While acknowledging a temporary lull in market enthusiasm following the decline of meme coins, Hougan pointed to emerging trends such as institutional Bitcoin adoption, the rise of stablecoins, increased tokenization of assets, and the resurgence of decentralized finance (DeFi) as potential replacements.

Contrary to Hougan's pessimism, some industry experts, like Cryptoquant's CEO Ki Young Ju, see meme coins as embodying the power of belief and community, transcending intrinsic value.

As per current data, the meme coin sector's market value stands at $64.2 billion, representing a modest uptick amidst overall crypto market fluctuations.

Despite recent gains by some meme coins, the majority have experienced declines over the past week, signaling a potential shift in market sentiment.