What Happened to the Memecoin Hype, Is It Dead? DOGE, SHIB, PEPE

The meme-coin market is losing its shine as investor interest fades and money moves toward Bitcoin. Its total market cap has fallen to around $23.95 billion, down 3.1% in the past 24 hours. Extreme fear and a crowded market are putting pressure on some of the biggest meme coins.

Dogecoin, Shiba Inu, and Pepe are all down 90% from their peak, while other major meme coins are also trading lower.

DOGE, SHIB Lead the Memecoin Slide

Dogecoin remains the biggest meme coin, with a market cap of about $9.8 billion, nearly four times Shiba Inu’s. Yet even the sector leader is struggling. DOGE trades around $0.0629, down 91.50% from its $0.7399 peak.

Crypto chart analyst Ali Martinez noted that DOGE is approaching a bottom of a descending channel near $0.059 on a three day chart. If buyers defend that level, the token could move toward the channel’s middle near $0.074. A break below it could open the way toward $0.04.

That weakness is not limited to DOGE. 

Shiba Inu, the second-largest meme coin, has fallen about 8% this week and remains 95% below its $0.0000885 peak. As of now, SHIB trades near $0.00000414.

Martinez noted that SHIB is nearing its bottom on its three-day chart. Thus, holding $0.0000041 could support a rebound toward $0.0000051, while a break below it could push SHIB toward $0.0000033 or $0.0000027.

PEPE Outperforms DOGE and SHIB

PEPE, the frog-themed meme coin, has performed better than DOGE and SHIB over the past month. PEPE gained 9.4%, while DOGE fell 21.6% and SHIB dropped 16.7%.

Despite this gain, PEPE is still trading around $0.00000429, down 85% from its all-time high of $0.00002836.

Martinez said PEPE is testing the lower edge of a symmetrical triangle. If it holds, the price could rise toward $0.0000054. However, a break below this level could send it down to $0.0000032.

Other Memecoins Are Also Losing Their Spark

The weakness extends beyond the biggest names. Pump.fun’s PUMP is down 63% from its $0.0089 peak and trades near $0.00329, pressured by supply dilution, weaker meme trading activity, and competition from other launchpads.

Pudge Pengu is also facing heavy losses despite being one of the better-known newer meme tokens. It has fallen 91.69% from its all-time high of $0.07 to around $0.005816.

The Official Trump (TRUMP) token has also collapsed, trading near $1.12 and down more than 98.70% from its early 2025 peak of $77.4. 

While Trump-linked tokens have also suffered sharp losses, including MELANIA, and WLFI have all fallen to record lows amid market uncertainty following the Democrats’ sweep in the November 2026 U.S. midterm elections.

Meanwhile, BONK and FLOKI are also under pressure, with market caps of about $227 million and $185 million.