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PEPE, BONK, and DOGE surge, memecoin market capitalization nears $39 billion

Memecoin's market capitalization surged 8% in the last 24 hours, reaching a two-week high, while open interest and trading volume rose sharply.

On Friday, memecoins like Pepe, Bonk, and Dogecoin were among the top-performing cryptocurrencies, making significant gains as the market prepares for 2026.

Memecoin's market capitalization increased by 8% to $39.45 billion, reaching a two-week high and indicating strong demand.

PEPE led gains with 23.6%, followed by BONK with 10% and DOGE with 8%, movements supported by influencer interest and ambitious predictions for 2026.

The jump in memecoin open interest seen in the last 24 hours reflects increasing bullish betting.

Memecoin's market capitalization increased by $3 billion.

The recent surge in Memecoin prices, triggered by the Ethereum co-founder changing his profile picture to a meme NFT, pushed its total market capitalization to a two-week high of $39.45 billion on Friday.

Memecoin's market capitalization was last above $39 billion on December 20th. The total market capitalization of cryptocurrencies in this sector increased by 8 percent in the last 24 hours.

Ethereum-based memecoin PEPE led gains, rising 23.6% in the last 24 hours. Its Solana-based rival BONK surged 10% on a daily basis, while DOGE, the largest memecoin by market capitalization, jumped 8% in the same timeframe.

While this performance isn't exactly a rally, it points to a potential "meme season," influenced by a number of factors including the activity surrounding a perpetual contract DEX for memecoins that allows users to trade with up to 100x leverage.

Before the surge seen in memecoins on Friday, there was an increase in open interest, with PEPE's open interest rising 77% in the last 24 hours to reach $441 million.

Open interest refers to the total amount of derivative contracts that have not yet been closed. In a futures contract, for every seller, there must be a buyer to close the contract.

PENGU's open interest increased by more than 27% during the day to $90.73 million, while DOGE's open interest rose by approximately 4.5% to $1.71 billion.

The chart above also revealed a remarkable increase in the daily trading volume of memecoins in the derivatives market, with PEPE leading the increase at 402%. Overall, the daily trading volume of memecoins increased by 35% in the last 24 hours, reaching $4.75 billion.

The increase in open interest and trading volume in memecoins indicates bullish momentum in the market as leveraged investors open more contracts in anticipation of price increases.

The current surge in Memecoin prices is supported by TOTAL3, which represents the total market capitalization of all cryptocurrencies except Bitcoin

and Ether, exhibiting a strong technical structure over the past two days.

The chart shows TOTAL3 increasing by 22% since Wednesday, reaching an intraday high of $848 billion on Friday. This rise occurred within a rising parallel channel, as shown below on the four-hour chart.

Investors bought the dips when the Relative Strength Index (RSI) fell to oversold levels of 25 in mid-December. The RSI is currently at 65, indicating a shift in investor interest towards altcoins as momentum increases.

If TOTAL3 manages to break above the strong resistance of $848 billion, represented by the upper trendline of the triangle and the 200-day simple moving average (SMA), it could rise towards the triangle's measured target of $900 billion. If this happens, altcoins, including major memecoins, could continue their rally in the coming weeks.

Crypto sentiment has finally moved out of the "extreme fear" zone, indicating the market is preparing for a recovery.