Altcoins like DOGE and SUI are leading gains as the broader memecoin market shows signs of life after months of stagnation.
Most major cryptocurrencies traded higher, with Ethena’s ENA and Dogecoin (DOGE) posting strong 24-hour gains. The CoinDesk 20 Index rose 2%, with 16 tokens advancing, signaling broad market participation.
Analysts remain cautious. Alex Kuptsikevich, chief market analyst at FxPro, noted, “Crypto capitalization remains below its 50-day moving average, highlighting persistent bearish pressure. Expected Fed rate cuts support equities, but the weak economy continues to impact retail traders, the main drivers of crypto prices.”
Futures and Open Interest Trends
DOGE, SUI, and HYPE saw double-digit growth in futures open interest over the past 24 hours. DOGE OI surged to 16.88 billion tokens, its highest level since July 31, confirming a 7.5% price jump and a breakout from its mid-July descending trendline. BTC futures OI remains in the 270K–290K range, while ETH futures OI fell to 1.87 million ETH, suggesting capital rotation. XRP and SOL options show bullish sentiment, while BTC and ETH options reflect lingering downside caution.
Memecoin Sector Revival
Memecoins are experiencing renewed retail interest. Solana-based Bonk (BONK) gained nearly 7%, DOGE climbed over 7%, and new entrants like SPX6900 (SPX) and Pump.fun (PUMP) outperformed the broader altcoin market. The CoinDesk Meme Index (CDMEME) rose 2.2%, beating the CoinDesk 20 Index. Even niche tokens such as Fartcoin (FARTCOIN) saw renewed buying, reflecting high-risk, high-reward appetite among traders.
Layer-1 blockchain MemeCore (M) jumped 164% in seven days, helping to reignite optimism across the sector. Meanwhile, total crypto market capitalization increased 0.57% to $3.84 trillion, with BTC and ETH moving away from key support levels, supporting further strength in altcoins and memecoins.
