Volume up, market cap down… that’s usually not strength. Memecoins just did ~$5.6B volume in a day (+100%+) while mcap dropped ~6%. More than fresh money coming in this is a churn → profit taking, quick flips, capital rotating. And it cooled fast too: volume already back near ~$3.6B Seen this before… activity spikes around hype, then fades once fast money exits Early-year move ($38B → ~$47B) already lost momentum, so this still feels like rotation, not expansion At the end of the day, memecoins are just a proxy for risk appetite, and that still leans heavily on $BTC direction So, are we resetting for another rotation… or starting to see appetite actually cool off?