Key Insights:
- The recent performance of meme coins indicates that the segment is not dead yet.
- Dogecoin, Pepe, and Shiba Inu pull off impressive double-digit gains.
- Whale orders reveal interesting details about the current rally and whether it will last.
2025 was overall bearish for meme coins, particularly in terms of price action. The top three cryptocurrencies in the segment by market cap, namely Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), all closed the year in the red, with sizable discounts.
To put into perspective how far meme coins fell from grace in 2025, DOGE tanked by 62% from its opening to closing price for the year. SHIB retreated by 67%, while PEPE knocked off 67% from its value in the last 12 months.
The meme coin segment was so bearish in 2025 that it ranked among the top crypto narratives that failed in 2025. The performance of the meme coins segment was largely due to the shift towards institutional liquidity and real-world assets (RWAs) in 2025.
DOGE, PEPE, & SHIB Kick Off 2026 with Double-Digit Gains
The narrative shift took away investor attention and set the pace for heavy liquidity outflows in 2025. As a result, investors have been curious as to whether meme coins could still make a comeback in 2026, considering their substantial discounts.
Interestingly, the meme coins segment appears to have kicked off 2026 with robust bullish momentum. According to latest market data, DOGE was up 15% in the last 7 days, with most of those gains occurring in the last 2 days.
SHIB pulled off a modest 8% uptick during the same period. PEPE was more dramatic, with gains of 47% in the last 7 days at the time of observation. PEPE and DOGE’s impressive double digits confirmed robust interest in the segment.
This renewed interest suggests that smart money was well-positioned to leverage upside potential after the heavily discounted prices observed in 2025. This bullish outcome among the top meme coins confirmed the return of speculative appetite.
Although a bullish relief for the meme coins confirmed interest in discounted opportunities without a narrative bias, it also raised questions. For example, will the meme coins segment experience a deeper recovery, or is this rally a trap?
Whale Activity Reveals More Details on Meme Coins Rally
Whale activity at any given point in the market reveals critical data about their positioning. For instance, increased market confidence and deeper recovery expectations encourage deeper exposure.
On the other hand, whales tend to dip their toes in the market with more conservative liquidity levels when uncertainty is high. This then yields a brief bullish relief.
Dogecoin’s large order book data revealed that in the last 2 days, whales acquired about $3.4 million worth of BTC on Binance spot and around $787,000 on Coinbase. Whale net inflows on OKX were higher at $1.5 million.
In the derivatives segment, net longs were knocking on $96 million on Binance perps and just over $25.5 million on OKX perps. SHIB demand on both the spot and derivatives segments was much more subdued, with none of the exchanges crossing above $1 million.
PEPE whales had $6 million in net inflows on OKX and $5 million on Binance. OKX perps revealed $10 million in net shorts.
While the three meme coins demonstrated a significant demand surge, it was still notably low. This may indicate limited upside, but the bulls might prevail if demand continues to build.