Altcoins including DOGE and SUI are leading gains as the broader memecoin sector begins to rebound.

Most cryptocurrencies are in positive territory, with tokens like Ethena’s ENA and Dogecoin (DOGE) extending their strong 24-hour performance. The CoinDesk 20 Index, which tracks the wider market, rose 2%, with 16 of its components showing gains.

Despite the rally, analysts remain cautious. Alex Kuptsikevich, chief market analyst at FxPro, noted, “Crypto market capitalization remains below its 50-day moving average, indicating that bears still dominate. While expected Fed rate cuts support equities, a weak economy continues to weigh on retail traders, who drive crypto prices.”

Futures and Open Interest Activity
DOGE, SUI, and HYPE have seen double-digit growth in futures open interest over the past 24 hours. DOGE’s OI climbed to 16.88 billion tokens, its highest level since July 31, validating a 7.5% price surge and signaling a breakout from its mid-July descending trendline.

BTC futures OI on USDT and USD-denominated perpetuals remains in the 270K–290K BTC range, while CME BTC futures OI stays at April lows. ETH futures OI has declined to 1.87 million ETH from the 2.2 million record, indicating some capital outflow. On Deribit, XRP and SOL call options trade at a premium to puts across all expiries, suggesting bullish sentiment, whereas BTC and ETH options show persistent downside caution.

Memecoin Momentum
Memecoins are posting notable gains, signaling renewed retail interest after months of stagnation. Solana-based Bonk (BONK) jumped nearly 7%, while DOGE rose more than 7% to $0.2335. Newer entrants like SPX6900 (SPX) and Pump.fun (PUMP) outperformed the broader altcoin market.

The CoinDesk Meme Index (CDMEME) gained 2.2% in the last 24 hours, outpacing the 1.27% gain of the CoinDesk 20 Index. Even niche tokens like Fartcoin (FARTCOIN) saw renewed buying, reflecting high-risk, high-reward appetite among retail traders.

The memecoin sector had been depressed following a series of celebrity-driven launches, including TRUMP and MELANIA coins, which collapsed due to weak liquidity and poor tokenomics. However, Layer-1 blockchain MemeCore (M), designed for memecoins, surged 164% in seven days, helping to reignite the sector.

Meanwhile, the broader crypto market capitalization rose 0.57% to $3.84 trillion as Bitcoin (BTC) and Ether (ETH) moved away from key support levels, indicating potential renewed strength for altcoins and memecoins alike.