Meme Coins Surge as DOGE, SHIB, and PEPE Gain Traction

Auckland, New Zealand — Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) showed significant gains on Monday, reflecting renewed interest from traders. The surge comes as market sentiment anticipates a potential interest rate cut by the U.S. Federal Reserve on September 17, alongside the announcement of a DOGE ETF by Rex-Osprey.

Data from CoinGlass indicates that DOGE, SHIB, and PEPE have Open Interest (OI) levels of 12%, 4%, and 3%, respectively, with trading volumes experiencing double-digit growth. The long-to-short ratio has been favorable, suggesting a bullish sentiment among traders with DOGE increasing over 2% at the time of reporting.

DOGE’s upward movement can be attributed to a breakout above a consolidation range below $0.22597, challenging the $0.23498 resistance level. A decisive close above this point could see DOGE extend its rally to around $0.24300, a level not seen since August 24.

Meanwhile, SHIB has broken a descending triangle pattern, consolidating above the 100-period Exponential Moving Average (EMA) at $0.00001244. Traders are eyeing resistance levels near $0.00001261, and exceeding this level could propel SHIB towards a R2 pivot at $0.00001279.

PEPE is not far behind, recovering over 1% and breaking through a resistance trendline. Trading above the 100-period EMA suggests a renewed uptrend, with targets set at the $0.00001042 and $0.00001112 levels.

However, analysts also caution about potential reversals. For DOGE, a drop below $0.22597 could invalidate the current breakout and lead to prices testing lower support around $0.21914. Similarly, SHIB could see a downward trend if it falls below the $0.00001230 pivot, risking a drop back to $0.00001200.

The recent bullish momentum in these meme coins highlights not only their volatile nature but also their strong community support driving them forward.