Meme coins have rallied nearly 20% in the past month, but analysts warn the gains are concentrated in a few tokens and the sector remains down 75% from its December 2024 peak.

The Concentrated Rally Problem

Illia Otychenko, lead analyst at CEX.IO, told DL News the rally may “overstate the sector’s health” as much of the growth came from a few fast-rising assets that distort the real picture.

“The rise in the meme coin sector appears driven by a mix of improving risk sentiment, rising on-chain speculation, and sharp gains in a handful of outsized tokens,” Otychenko said.

Meanwhile, Charles Chong, vice president of strategy at BlockSpaceForce, said the spike reflects a tired pattern rather than fresh conviction. 

“What you’re seeing isn’t bullish community energy. It’s a dead market full of sidelined gamblers desperate for the next game of musical chairs,” he said.

Dogecoin Still Down 87% From 2021 Peak

Dogecoin (CRYPTO: DOGE), the top meme coin by market value, is down 87% from its 2021 high. Most tokens categorized as memecoins by CoinMarketCap are down over the past week.

The slight recovery remains far from the memecoin bonanza that erupted after Donald Trump’s presidential victory. After a string of scandals in early 2025, the memecoin market lost momentum.

Canary Capital filed with the SEC for a Pepe (CRYPTO: PEPE) meme coin ETF in April. 

The frog-themed token is more obscure than Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH), yet it has drawn interest from both retail and institutional investors.

Carlos Guzman, research analyst at GSR, said speculative investors remain the more natural buyers for memecoin ETFs. ETFs broaden access by allowing exposure through regular brokerage accounts.

Dogecoin already has multiple spot ETFs from issuers including 21Shares, REX-Osprey, Grayscale, and Bitwise. Canary has also filed for ETFs tied to TRUMP (CRYPTO: TRUMP) and Mog Coin.

What's Next For DOGE

The ascending triangle from the February lows shows flat resistance at $0.10278 (Supertrend) and a rising lower trendline pushing price higher with each test.

This is the third or fourth touch of that upper boundary, and each rejection has been shallower than the last. 

Price is sandwiched between the 20 EMA at $0.09457 and 50 EMA at $0.09571.

A daily close above $0.103 triggers the pattern. After that, $0.12-$0.13 becomes the target.

Image: Shutterstock