We revisit the proposal that an energy transfer from dark energy into dark matter can be described in field theory by a first order phase transition. We analyze a metastable dark energy model proposed in the literature, using updated constraints on the decay time of a metastable dark energy from recent data. The results of our analysis show no prospects for potentially observable signals that could distinguish this scenario from the ΛCDM. We analyze, for the first time, the process of bubble nucleation in this model, showing that such model would not drive a complete transition to a dark matter dominated phase even in a distant future. Nevertheless, the model is not excluded by the latest data and we confirm that the mass of the dark matter particle that would result from such a process corresponds to the mass of an axion-like particle, which is currently one of the best motivated dark matter candidates. We argue that extensions to this model, possibly with additional couplings, still deserve further attention as it could provide an interesting and viable description for an interacting dark sector scenario based in a single scalar field.