Depends on how you look at it, but I think it's just total disinterest because the hype is gone. Without hype, coins, or tokens that carry no real usage case end up looking valueless.

The market keeps evolving from one hype or buzz word to another, and right now it's just memecoins all over the place. Last time it was NFTs and DeFi projects. Before those it was ICOs, IEOs etc