Top meme coins Shiba Inu (SHIB) and PEPE recorded double-digit gains over the past 24 hours as the broader cryptocurrency market maintained a strong bullish momentum heading into the weekend. Both assets saw a significant increase in open interest, indicating rising investor confidence and market activity.
SHIB and PEPE Rally Amid Rising Market Optimism
Shiba Inu and PEPE were among the top-performing meme tokens in the crypto market, each climbing more than 10% in a 24-hour window. SHIB also maintained a weekly gain of around 10%, supported by a notable surge in trading volume.
SHIB’s trading volume surpassed $1 billion for the first time since December 22, signaling heightened activity on centralized exchanges. Data from Coinglass further revealed a spike in exchange net inflows, which reached nearly $20 million over the past day. Increased inflows can sometimes indicate that traders are looking to realize profits following a market upswing.
At the same time, SHIB’s open interest climbed dramatically—from 3 trillion SHIB on January 1 to over 22 trillion SHIB at the time of writing. This represents a growth of more than 600%, reflecting heightened speculative interest and the potential for increased volatility.
Technical Outlook for Shiba Inu (SHIB)
On the daily chart, SHIB is attempting to validate a rounding bottom pattern. However, it is currently facing resistance near the $0.0000249 level, which is further reinforced by the 50-day Simple Moving Average (SMA).
A high-volume breakout above $0.0000249 that establishes it as support could signal a continued upward move. In such a scenario, SHIB may aim for the $0.0000299 level—just below the psychological barrier of $0.0000300. This target is derived by measuring the height of the rounding bottom formation and projecting it upward from the breakout point.
A daily close below $0.0000200 would invalidate this bullish structure.
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PEPE Eyes New Highs After Breaking Key Resistance
Like SHIB, PEPE has attracted increased buying interest. Over the past week, net outflows from top exchanges exceeded 40 million PEPE tokens, suggesting demand is outweighing readily available supply.
Open interest for PEPE also climbed this week, reaching a yearly high of 28.99 trillion tokens on Tuesday. This growing interest helped the token break through a descending trendline resistance that had been in place since December 9.
PEPE is now testing the 50-day SMA. If it manages to turn the trendline into support and break above the SMA, the next major resistance lies at $0.0000218. A clear break above that could open a path toward retesting its all-time high near $0.0000280.
A daily close below $0.0000166 would weaken this outlook and potentially lead to a decline toward the $0.0000120 support level.
Broader Meme Coin Sector Performance
The positive momentum was not limited to SHIB and PEPE. Other popular meme tokens also posted gains close to 10% over the same period, including Dogecoin (DOGE), Bonk (BONK), and FLOKI. This broad-based strength indicates a risk-on appetite among cryptocurrency traders and a renewed interest in speculative altcoins.
Frequently Asked Questions
What caused the recent surge in SHIB and PEPE?
Both tokens benefited from a combination of increased trading volume, rising open interest, and a generally bullish mood in the cryptocurrency market. Technical breakouts also contributed to trader optimism.
How does open interest affect the price of meme coins?
Rising open interest indicates that more traders are entering positions, which often leads to higher liquidity and volatility. It can signal strengthening momentum in the current price direction.
What is a rounding bottom pattern?
A rounding bottom is a chart pattern that indicates a gradual shift from a downtrend to an uptrend. It resembles a bowl and often signals a long-term reversal when confirmed with high volume.
What are the main risks when trading meme coins?
Meme coins are highly volatile and influenced by social media trends and market sentiment. They can experience rapid price swings, so proper risk management is essential.
Can PEPE reach its all-time high again?
It is possible if buying pressure continues and key resistance levels are broken. However, cryptocurrency markets are unpredictable, and past performance is not a guarantee of future results.
Where can I learn more about trading strategies?
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