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PEPE, BONK, and DOGE rise, and the meme coin market cap approaches $39 billion
The market capitalization of meme coins increased by 8% over the past 24 hours, reaching its highest level in two weeks, while open interest and trading volume surged sharply.
On Friday, meme coins like Pepe, Bonk, and Dogecoin were among the top-performing cryptocurrencies, posting significant gains as the market prepares for 2026.
The market cap of meme coins rose by 8% to $39.45 billion, hitting a two-week high and indicating strong demand.
PEPE led the gains with a 23.6% increase, followed by BONK at 10% and DOGE at 8%, supported by influencer interest and ambitious forecasts for 2026.
The rise in open interest for meme coins over the past 24 hours reflects increased bullish bets.
The market cap of meme coins increased by $3 billion.
The recent surge in meme coin prices, triggered by Ethereum founder changing his profile picture to an NFT meme, pushed the total market cap to a two-week high of $39.45 billion on Friday.
The market cap of meme coins last exceeded $39 billion on December 20. The total market cap of cryptocurrencies in this sector increased by 8% over the past 24 hours.
The meme coin built on Ethereum, PEPE, led the gains, rising 23.6% in the past 24 hours. Its Solana-based competitor, BONK, increased by 10% daily, while DOGE, the largest meme coin by market cap, jumped 8% in the same timeframe.
Although this performance isn't exactly a rally, it hints at a potential "meme" season, influenced by several factors including activity around a perpetual contract for meme coins that allows traders to leverage up to 100x.
Before the surge in meme coins on Friday, open interest also increased, with PEPE's open interest rising 77% over the past 24 hours to $441 million.
Open interest indicates the total number of derivative contracts that have not yet been closed. In a futures contract, there must be a buyer closing the contract for every seller.
Open interest for PENGU increased by over 27% during the day to $90.73 million, while DOGE's open interest rose by approximately 4.5% to $1.71 billion.
The chart above also shows a notable increase in daily trading volume of meme coins in the derivatives market, led by PEPE with a 402% increase. Overall, the daily trading volume of meme coins increased by 35% over the past 24 hours, reaching $4.75 billion.
The rise in open interest and trading volume of meme coins indicates bullish momentum in the market as investors open more contracts in anticipation of higher prices.
The current price rally of meme coins is supported by TOTAL3, which represents the total market cap of all cryptocurrencies excluding Bitcoin and Ethereum, showing strong technical structure over the past two days.
The chart shows that TOTAL3 increased by 22% since Wednesday, reaching an intraday high of $848 billion on Friday. This rise occurred within an ascending parallel channel, as shown below on the four-hour chart.
Investors bought the dips when the RSI dropped to oversold levels of 25 in mid-December. Currently, RSI stands at 65, indicating a shift in investor interest toward altcoins with increasing momentum.
If TOTAL3 can break above the strong resistance at ( billion, represented by the upper trendline of the wedge and the 200-day simple moving average )SMA$848 , it could rise toward the wedge's measured target at ( billion. If that happens, altcoins, including major meme coins, may continue their recovery in the coming weeks.
Finally, the overall sentiment in the crypto market has moved out of "Extreme Fear," suggesting the market is preparing for a rebound.

Musk strikes again
When Musk's name is associated with cryptocurrency, the market is never short of waves, but this time his actions regarding DOGE (Dogecoin) have plunged the entire ecosystem into an unprecedented "split"—the mining community is collectively anxious, retail communities are debating endlessly, and DOGE, once unified by "meme faith," now stands at the crossroads of "practical transformation" and "departure from original intent." This chain reaction triggered by Musk is fundamentally rewriting the survival logic of DOGE.
Elon Musk's "Key Step": From "Shouting Orders" to "Deep Binding"
Unlike the previous "one-sentence hype" on social media platforms, Musk's recent actions are aimed directly at the core ecosystem of DOGE. According to internal Tesla news and disclosures from the blockchain industry, two initiatives led by Musk have been implemented: firstly, some Tesla supercharging stations have begun testing DOGE payments, and it has been stated that they will "optimize the transaction speed of DOGE to accommodate high-frequency payment scenarios"; secondly, SpaceX has reached a collaboration with the core DOGE development team, planning to incorporate DOGE into a "small settlement system related to space exploration supply chains", with the first applications covering cross-border small payments for satellite component procurement.
These two moves have completely shattered the attribute of DOGE as a "purely speculative asset." Previously, although DOGE became one of the top ten cryptocurrencies in market capitalization due to Musk's endorsement, it always lacked practical application scenarios, and issues such as slow transaction speeds and unstable fees made it difficult to shed the label of a "meme coin." The recent binding with Tesla and SpaceX not only injects "utility value" into DOGE but also pushes it towards a transformation into a "payment-type cryptocurrency" — market data shows that within 48 hours after the announcement, the on-chain transaction volume of DOGE surged by 320%, with the proportion of "small payment-type transactions" jumping from less than 5% to 28%, setting a new historical high.
Miners vs Retail Investors: A Dispute About "Interests" and "Beliefs"
Musk's actions have sparked huge controversy within DOGE, with the divide between miners and retail investors rapidly intensifying, turning major cryptocurrency forums and communities into a "battlefield".
Miners: "Collective Opposition" Under Hashrate Anxiety
For DOGE miners, Musk's push for "payment transformation" is considered "bearish." DOGE uses the Scrypt algorithm, and miners' earnings primarily rely on "block rewards + transaction fees." The "optimization of transaction speed" promoted by Tesla and SpaceX essentially requires reducing DOGE's block confirmation time—currently, DOGE's block time is about 1 minute, and to accommodate high-frequency payments, it needs to be shortened to 10-15 seconds, which means that the output efficiency of miners' computing power will be diluted.
More critically, Tesla plans to build a "DOGE exclusive node cluster" to ensure payment stability, enhancing transaction processing capabilities through centralized nodes. This move has directly raised concerns among miners about "power monopoly." A head of a leading DOGE mining farm openly stated on social media: "Musk's node cluster will seize more than 70% of the transaction verification rights, and the fee income for ordinary miners will plummet by 50%. The cost of our mining machines may not be recoverable." Data also confirms this anxiety: Following the announcement, DOGE's hash rate experienced abnormal fluctuations, with some small and medium-sized mining farms beginning to shut down, leading to a 18% drop in the network's hash rate within 24 hours and a 30% crash in the second-hand market prices of mining machines.
Retail investors: the "internal split" between believers and speculators.
The divergence among retail investors is more complex, presenting a dichotomy of "believers cheering and speculators panicking."
The "faith faction" believes that Musk's actions have realized the "original intention" of DOGE. Many early retail holders of DOGE stated that they initially chose DOGE because they believed in its attributes of "decentralization and proximity to ordinary users." This collaboration with Tesla and SpaceX has transformed DOGE from a "meme coin" into a "currency that can actually be used." An administrator of a DOGE community mentioned in an interview: "We have waited for this day for 5 years. DOGE no longer relies on 'Musk's words' for price fluctuations, but has its own value support — this is what long-term holding should look like."
But the "speculative" retail investors are in a panic. This group of investors mostly entered the market during a surge of DOGE in 2023, with the core demand being "short-term arbitrage." Although Musk's push for "payment transformation" led to a short-term price increase (after the announcement, DOGE's price surged by 45%), it also means that the price volatility of DOGE may narrow—practical cryptocurrencies' prices rely more on the "progress of application scenarios" rather than "market sentiment speculation." A retail investor complained on a forum: "I bought DOGE to make quick money, but now it has become a 'payment coin,' the price rises slowly and can't hold steady, Musk has cut off our source of income!"
Has DOG changed the world? There are still three major uncertainties in the future.
Although Musk's actions have created opportunities for DOGE, whether this 'change' can last still faces three major uncertainties.
Firstly, the stability of the application scenario is questionable. The DOGE payment test at Tesla's supercharging stations only covers items with a payment of 3 DOGE, which is limited to "charging service fees" and has not extended to vehicle purchases; SpaceX's supply chain settlement application is also in the "small-scale pilot" stage and has not yet formed a large scale. If the subsequent application progresses slower than expected, it will lead to the predicament of "the practical value of DOGE being voided."
Secondly, regulatory risks cannot be ignored. DOGE has previously been classified as a "potential security asset" by the U.S. SEC (Securities and Exchange Commission) multiple times due to its "lack of actual value." Now, transitioning to a "payment currency" may trigger stricter financial regulations—the EU's "Regulation on Markets in Crypto-Assets" (MiCA) explicitly states that "crypto assets used for payments must meet compliance requirements such as anti-money laundering and counter-terrorist financing," while DOGE's current anonymous transaction attributes may find it difficult to pass regulatory scrutiny. If forced to adjust its algorithm, it will further impact the miner and user ecosystem.
Thirdly, the loss of the "decentralization" attribute. The "node cluster" promoted by Musk is essentially a "semi-centralized" model, which goes against the original "decentralization" concept of DOGE. If in the future, Tesla and SpaceX further control the nodes and transaction verification rights of DOGE, the exclusive token for the Musk-associated enterprises would lose the core value of cryptocurrency — this is also a concern for many long-term holders about the "departure from the original intention."
Conclusion: A game of "transformation" and "growing pains"
Elon Musk's actions have placed DOGE at a turning point in its destiny. It is no longer just a "meme coin," yet it has not yet become a mature "payment currency"; the interests of miners being harmed and the divergence of retail investors' beliefs indicate that DOGE's path to "transformation" is destined to be filled with growing pains.
For investors, it is essential to recognize that the value of DOGE has shifted from "Elon Musk's endorsement" to "the ability to implement application scenarios." Short-term price fluctuations should not be the core of decision-making. For the DOGE ecosystem, how to balance "practical transformation" with "miner interests" and "centralized efficiency" with "decentralized original intention" will be key to whether it can truly "change the game." The final outcome of this game may only become clear after the full implementation of applications by Tesla and SpaceX.
#DOGE #加密市场反弹

The morning alert indicated that BTC entered at 1169, with a low of 1143, achieving a gain of 2600 points. #BTC #ETH