Altcoins like DOGE and SUI are driving a rebound in the memecoin sector, with both retail and institutional flows supporting the gains.
Most cryptocurrencies traded higher over the past 24 hours. Ethena’s ENA and Dogecoin (DOGE) extended strong double-digit moves, while the CoinDesk 20 Index rose 2%, with 16 of its components in positive territory.
Analysts remain cautious, noting that total crypto market capitalization is still below its 50-day moving average. Alex Kuptsikevich, chief market analyst at FxPro, said, “While Fed rate-cut expectations support equities, the weak economy continues to weigh on retail traders, the primary drivers of crypto prices.”
Futures and Options Insights
DOGE, SUI, and HYPE saw notable growth in futures open interest. DOGE OI climbed to 16.88 billion tokens, its highest since July 31, validating a 7.5% price surge and breakout from a descending trendline. BTC OI remained in the 270K–290K range, while ETH futures OI fell to 1.87 million ETH, signaling modest outflows. Deribit options show bullish bias in XRP and SOL, with BTC and ETH reflecting lingering downside caution.
Memecoin Sector Revival
Solana-based Bonk (BONK) rose nearly 7%, DOGE climbed over 7%, and newer tokens like SPX6900 (SPX) and Pump.fun (PUMP) outperformed the broader altcoin market. The CoinDesk Meme Index (CDMEME) rose 2.2%, outpacing the CoinDesk 20 Index. MemeCore (M), a memecoin-focused Layer-1 blockchain, jumped 164% in seven days, reigniting sector optimism.
Total crypto market capitalization increased 0.57% to $3.84 trillion, with BTC and ETH moving away from key support levels, supporting further upside for altcoins and memecoins.
