Dogecoin Begins Rebound—But These Solana and Ethereum Meme Coins Are Up Even More

Bitcoin is regaining after a week of losses, rising back above $106,000 as of this writing—but top meme coin Dogecoin (DOGE) is up more on the day, while Pepe (PEPE) and other less-valuable meme coins are sizably outperforming the top coin in terms of daily gains.

DOGE and PEPE, both among the top 50 cryptocurrencies by market cap, have gained 3% and 9% in the last 24 hours, while Bitcoin has climbed about 2% in that time. 

But while the top memes are leading BTC, they’re severely underperforming a basket of established Solana-based animal meme coins like Dogwifhat (WIF), Popcat (POPCAT), Peanut the Squirrel (PNUT), and Moo Deng (MOODENG), all which are beginning a rebound off double-digit percentage losses in the last 7 days.

Each member of the group has gained at least 10% in the last 24 hours, led by WIF, which has jumped 20% to $1.02. That’s still nearly 79% off its March 2024 all-time high of $4.83, however.

The group, which all earned centralized exchange listings during last year’s Solana meme coin frenzy, have also experienced trading volume increases during the last 24 hours, according to data from CoinGecko.

Beyond Solana, other established meme coins are leading the charge higher on their respective chains. The Ethereum-based SPX6900, a token which was created with the intention of flipping the S&P 500 in market cap, is up 12.9% to a $1.04 billion market cap—and unlike other meme coins, has actually gained in the last week. By comparison, the S&P 500 Index maintains a total market capitalization of around $47.5 trillion.

Ethereum’s Mog Coin (MOG) has also added 15.5% in the last 24 hours. Newer meme coin ecosystems are joining the party too, with Hyperliquid’s PURR token gaining nearly 38.7% in the last 24 hours.

All this comes while the meme coin category has managed just a 3.1% gain during that time, and remains down nearly 10% over the last week.

Even though Bitcoin has started its rise once more, Bitcoin dominance—or its market capitalization relative to the entire crypto market cap—has fallen to 64.15%. That’s a drop of around 0.16%, and further off the four-year high it marked one month ago as memes and alts outperform.

Edited by Andrew Hayward