I'll give you logical comparison of what's happening in the market.
2017-2018 = ICOs/IEOs/STOs and then bear market came, they're no longer a thing today.
2020-2021 = Meme coins/NFTs, play to earn, they're still sort of a thing today but the majority of those NFTs that were in hype before are no longer known today.
2024-2025 = Meme coins still/TAP mining(TON) but I am expecting that they're not going to be a thing once the bear market comes.
So what's the clear winner here? the meme coins? LOL. I guess that it's a survivor in nature but many of them will fade too.
Token sales are definitely still a thing. And many of them are technically close to ICOs, even if they aren't called by that. They are more regulated and distribution method isn't just "send us eth, and we send you tokens later". But way more sophisticated and some of them at least try to be more regulatory friendly. Sale methods are mostly just IDOs and IEOs are called "launchpad"s now. There are private sales too. Just public basic token sales (ICOs) have gone down.
NFTs might not be as high as when people were freaking over them, but they definitely have more volume then when i started to play with them in 2019. Especially bitcoin NFTs have been popular during this year.
"Meme tokens" as in whole never went away and never will. Even though it's same with every kind of asset in crypto; which is the fact that most of them will die anyway.