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Meme coins have been acting a bit strange lately. Even as Bitcoin and Ethereum rebound, major meme coins like Dogecoin, Shiba Inu, and PEPE are lagging behind. DOGE remains stuck around $0.104, and SHIB can't break out of its downtrend. PEPE is even worse, dropping to a key support level.
As of the 7th, DOGE has increased by 3.63%, while SHIB and PEPE have risen by 5.88% and 6.77%, respectively, but it feels weak to call this a rebound. Historically, meme coins have led risk asset rallies, but this time, capital inflow seems genuinely weak. There is a bullish divergence visible on the SHIB chart, but PEPE's downtrend is quite clear.
Ultimately, without new capital coming in, these meme coins are likely to remain sideways. I think investor interest is currently focused on major cryptocurrencies. I guess we’ll have to wait until the meme coin market gains more momentum.