Meme coin market: DOGE, SHIB, PEPE remain subdued despite increasing retail capital inflows

Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are struggling to regain strength despite the broader cryptocurrency market’s rebound. Derivative data shows renewed interest from retail investors as open interest (OI) in the futures contracts of DOGE, SHIB, and PEPE surged. However, Dogecoin and Pepe remain stuck in accumulation zones, while Shiba Inu is struggling to break through its long-term resistance line.

Retail Investors Reignite Interest in Major Meme Coins

According to CoinGlass data, the open interest (OI) of DOGE, SHIB, and PEPE futures contracts—the total nominal value of both Long and Short positions—has increased by 4%, 8%, and 3%, respectively, reaching $1.48 billion, $84.82 million, and $253.52 million. This indicates growing retail investor interest in meme coins.

Source: CoinGlass Over the past 24 hours, DOGE saw $2.56 million in Long positions liquidated, significantly higher than the $661,510 in Short positions liquidated, indicating short-term downward pressure. Conversely, SHIB and PEPE experienced more Short liquidations than Longs during the same period, suggesting market sentiment remains tilted towards bullish momentum.

Dogecoin at Risk of Falling Out of the Accumulation Zone

As of Friday, Dogecoin was trading around $0.1400, maintaining its position after a 2% decline in the previous session. The meme coin is currently in an accumulation zone, ranging from the November 21 low of $0.1332 to the November 26 high of $0.1568.

Daily DOGE/USDT Chart | Source: TradingView A decisive close above $0.1568 could open the door for a strong rally, targeting the next psychological level around $0.1810. Supporting this outlook, the daily Relative Strength Index (RSI) is at 41 and approaching the midline, indicating waning selling pressure. Additionally, the MACD indicator is rising above zero, reflecting increasing bullish momentum.

Conversely, if DOGE breaks below the $0.1332 low, it could undergo a deeper correction toward the psychological support level of $0.1000.

Shiba Inu Rebounds from Support Line, Increasing Breakout Potential

Shiba Inu (SHIB) declined nearly 1% at the time of writing on Friday, marking its third consecutive day of decline. However, a recovery from the $0.00000817 low (set on Thursday) at the support trendline connecting the November 21 and December 1 lows indicates ongoing fundamental demand for SHIB.

If SHIB’s price drops below $0.00000817, this support trendline will be broken, opening the risk of further decline to the November 21 low of $0.00000755.

Daily SHIB/USDT Chart | Source: TradingView The daily RSI remains at 46 and flat, reflecting a neutral state with little momentum. Meanwhile, the MACD line and signal line are struggling to push the positive momentum above zero as buying pressure wanes.

To resume an uptrend, SHIB needs to break above the upper trendline connecting the peaks on 9/13 and 10/6 at $0.00000900. Success could trigger a strong rally toward the key psychological level of $0.00001000.

Pepe’s Downward Cycle in Accumulation Zone Risks Testing Key Support

Pepe remains stable within an accumulation zone, stretching from the lows on 11/4 and 11/21 at $0.00000521 and $0.00000395. This meme coin is still in a downtrend cycle and faces the risk of retreating to the $0.00000395 support level.

Daily PEPE/USDT Chart | Source: TradingView Similar to SHIB, its RSI hovers around 45 in the neutral zone, while the MACD and its signal line are approaching the positive territory, suggesting a potential trend reversal.

On the upside, a successful break above $0.00000521 could confirm a bullish reversal out of the accumulation zone, targeting the supply zone at $0.00000650.