Meme Coin Rebound Hinges on Established Names Like Shiba Inu and Dogecoin

A rebound in the meme coin market is dependent on the performance of established names such as Shiba Inu (SHIB) and Dogecoin (DOGE), according to a recent claim. David Gokhshtein, a cryptocurrency commentator, pointed out that big meme coins often set the tone for the broader meme coin market.

Gokhshtein noted that leading assets like SHIB and DOGE account for nearly half of the meme coin market's total market capitalisation. He said strength in these assets can boost investor confidence, attract fresh money, and lift trading and attention across the sector.

The comments came as the cryptocurrency market experienced a recent recovery, with major meme coins also joining the rebound. Shiba Inu rose 4.79 percent after climbing during intraday trading from $0.00000482 to $0.000005051, but later slipped back to around $0.00000495.

Market analyst Bayron observed that Shiba Inu's short-term technical structure has not been damaged and is consolidating just below a short-term resistance zone. He said buying momentum has eased somewhat, but buyers are defending a key demand area.