DOGE and SHIB could carry this meme coin rally further

It’s 2025, and the crypto markets are acting up again - but not in the way you’d expect.

While Bitcoin takes a breather, meme coins are stealing the show, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the charge. If you thought the meme coin craze was a relic of 2021, think again. These tokens are back - and this time, they’re backed by more than just hype.

We’re talking serious volume, bullish sentiment, and even ecosystem upgrades. So, are meme coins about to stage their next big rally? Or is this just a blip in a quiet market?

DOGE is barking again

Dogecoin is showing signs of life - and not just because of social media buzz.

Data from Glassnode shows a 63% jump in DOGE futures open interest over the past week, pushing the total to over $1.62 billion. That’s a strong indicator of renewed trader confidence and growing speculative activity.

What makes this move more interesting is that it’s happening while Bitcoin cools off. Some analysts are calling it a “decoupling,” where Dogecoin is moving independently of the broader market.

Dogecoin also soared more than 40% in the last seven days, briefly outperforming every other top 10 crypto. Add in positive funding rates, a weekly close above key resistance (now flipped to support), and commentary from macro investor Raoul Pal suggesting DOGE might outperform Bitcoin - and suddenly, things start to look very real for the top meme coin.

Even after a recent dip to $0.2238, increased trade volume suggests traders are still positioning for more upside.

SHIB’s not done yet

Shiba Inu started as a meme, but it’s been working hard to shed that label.

With its own decentralised exchange (ShibaSwap), NFT projects, utility tokens (BONE and LEASH), and a newly launched Layer-2 blockchain (Shibarium), SHIB has built a full-fledged ecosystem.

And now? It’s showing signs of revival. In just one week, over 330 million SHIB were burned, slashing supply in a deflationary move that reflects stronger community participation. The burn rate spiked 364%, according to Shibburn.

At the same time, SHIB’s 24-hour trading volume hit $516.28 million, and the token is now trading just below a major resistance level of $0.0001648. Market watchers are eyeing this closely for a potential breakout. 

Historically, May has been good for SHIB. It gained 355% in May 2021, 13% in May 2024, and averages a 61% rise in this month alone. Add that to rising engagement and ecosystem growth, and SHIB’s story might be far from over.

Technical outlook: Meme coin mania but with muscle?

Unlike the pure hype cycles of 2021, this meme coin resurgence feels more grounded. There’s real infrastructure, stronger community mechanics, and rising technical signals.

DOGE is holding its own against Bitcoin. SHIB is burning tokens, launching networks, and pulling in liquidity. And with new contenders like DAGZ emerging, we may be looking at the early stages of meme coin season 2.0.

It’s still crypto, so anything can happen. But for now? The meme coins are making noise - and it’s not just for laughs.

At the time of writing, Dogecoin is showing some buying pressure after a pause that saw a significant drawdown. The bullish narrative is also helped by a recent bullish head-and-shoulder formation and the volume bars indicating waning sell pressure. However, prices are at a critical resistance level, which might see prices held or a significant reversal. 

Should a bounce materialise, prices could find resistance at the $0.24782 price level. Should we see a price slide, prices could be held at the $0.22165 and $0.16710 support levels.

Shiba’s chart is almost identical to Doge’s, with a recent inverse head-and-shoulder pattern hinting at an upward trend, which materialised. The move was followed up by a pull-back, with sell pressure still evident on the daily chart. The volume bars indicate that sell pressure is waning, which could hint at a potential reversal. 

Should prices bounce, they could find a resistance wall at $0.00001567. If they slide, we could find support at the $0.00001521 and $0.00001223 price levels.

Are you monitoring the meme coin hype? You can speculate on the price of DOGE and SHIB with a Deriv MT5 or Deriv X account.