Meme Coin Market Shows Signs of Life Amid Broad Weakness

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), and Pump.fun's PUMP token has rallied on renewed social-media buzz.

However, the broader market remains weak. Rising DOGE and Shiba Inu (SHIB) open interest has not yet translated into price gains. Activity on Pump.fun remains far below 2024 highs, and the total meme coin market cap is down nearly 20% over the past month, according to CoinMarketCap data.

Will Owens, a Galaxy researcher, said that the rebound of sentiment in the crypto ‘trenches’ is real. However, he added that it's speculative, narrative-driven, and pointed at whatever’s moving fastest.