For the 900th time, the crypto bubble is 'popping' or it has already 'popped'. The speculators and bag-holders are getting flushed and wiped out once again just like in 2017. This is before regulations are coming and it is happening again.
Meme-coins and other useless ERC-20 tokens will collapse and become abandoned where as the utility in many other cryptocurrencies (coins not tokens) will continue to survive.
Until then it has to go down before another drive higher which will probably happen after another Bitcoin halving, most likely in a couple of years time.