Dogecoin Gains 33% as Several Memecoins Post Even Larger Weekly Rises
Key Takeaways
- •Dogecoin was up about 33% month-to-date and remained the largest memecoin by market capitalization.
- •Dogecoin’s RSI was above 78, while its Chaikin Money Flow reading of 0.19 indicated continued capital inflows.
- •Dogecoin open interest rose to around $635 million, and funding rates were positive, showing traders were leaning bullish.
- •Official Trump gained about 79%, Pudgy Penguins rose 61%, and Pepe advanced nearly 60% over the week.
- •The Altcoin Season Index stood at 39, suggesting the market has not yet shifted into a full altcoin season.
Dogecoin [ $DOGE ] is leading the latest memecoin advance, even as several other tokens have posted larger gains. The question now is whether the sector is beginning to move higher again.
Dogecoin leads the memecoin rally
At the time of writing, memecoin leader $DOGE was up about 33% month-to-date after trading near $0.091. The token, launched in 2013 as a joke based on the Shiba Inu “Doge” meme, remains the largest memecoin by market capitalization, and its moves are often watched as a rough gauge of sentiment across the sector.
The strength of the move was also reflected in technical and derivatives data. $DOGE’s relative strength index (RSI) was above 78, well past the 70 threshold that chart analysts conventionally treat as “overbought,” while the Chaikin Money Flow (CMF) stood at 0.19, suggesting that capital continued to flow into the asset even after the rally.
Derivatives activity also appeared to pick up. $DOGE open interest, the total value of outstanding futures contracts not yet settled, rose to around $635 million, and funding rates were positive, indicating that traders were leaning bullish and willing to pay to maintain long positions.
Even so, the next move in the memecoin may not be as straightforward as the recent pace suggests.
Other memecoins posted even stronger weekly gains
The broader memecoin sector has posted strong weekly gains, and traders appear to have rotated into higher-risk tokens.
Official Trump [ $TRUMP ], a token launched days before Donald Trump’s January 2025 presidential inauguration, rose by about 79%, while Pudgy Penguins [ $PENGU ], the token tied to the namesake NFT collection, gained 61%. Pepe [ $PEPE ], an Ethereum-based token launched in 2023 that references the Pepe the Frog meme, advanced by nearly 60% over the week.
Bonk [BONK] and SPX6900 [ $SPX ] also recorded gains of about 38% and 45%, respectively. Shiba Inu [SHIB] rose by about 22%.
Against that backdrop, Dogecoin’s 31% weekly rise is notable, but it also highlights how broad the recent risk-on move has been across the memecoin category.
Still, that does not mean the wider altcoin market has entered altseason.
Broader altcoin conditions remain mixed
Despite the recent rally, the Altcoin Season Index was at 39 at press time. The index tracks how many of the top 50 altcoins have outperformed Bitcoin over the previous 90 days, with readings above 75 labeled “altcoin season” and those below 25 labeled “Bitcoin season.” It was 44 last week and 53 last month, suggesting that Bitcoin may still have the upper hand.
The current environment may therefore represent a more concentrated rotation into memecoins rather than a full altcoin rally.
Market participants may be watching whether $DOGE can hold its breakout and whether open interest continues to rise without becoming overly stretched. Another signal to watch would be the Altcoin Season Index moving back above 50, a level that would indicate more than half of the top 50 altcoins outperforming Bitcoin over the trailing 90-day window.
Dogecoin rose by about 33%, while $TRUMP, $PENGU and $PEPE posted even larger gains. The Altcoin Season Index reading of 39 suggests Bitcoin may still retain the upper hand.
