Meme Coin Market Sees Signs of Life as Traders Rebuild Positions

The meme coin market is showing signs of life after months of fading activity. Traders are rebuilding positions in large-cap meme coins like Dogecoin (DOGE), with open interest climbing to 14.74 billion DOGE on July 20, up from 12.01 billion on June 11.

However, prices have yet to break out, with DOGE trading at around $0.069 on July 23, still below its 50-day exponential moving average. For a broader meme coin rally to take hold, this growing speculative interest will eventually need to show up in prices.

Rising open interest has also been seen in Shiba Inu (SHIB), which recovered to nearly 8 trillion SHIB after falling to roughly 5 trillion in late June. The increased positioning has yet to translate into sustained price gains for either DOGE or SHIB.