Memecoin Sector Under Pressure, PEPE Is the Only One Up in 30 Days

One out of ten. That is the number of the largest memecoins by market cap that managed to rise over the last 30 days, and its name is PEPE. 

Between October 9 and November 7, 2026, the price of PEPE surged 26.6%, while Dogecoin fell 15.0% and TRUMP plunged 35.2%, based on a Bittime Research report. The memecoin sector is under pressure, but its direction is split, and PEPE's rise has its own story.

Key Takeaways

• Of the 10 largest memecoins, only PEPE rose in 30 days (26.6%), while DOGE fell 15.0%, PENGU 19.4%, and TRUMP 35.2%.
• PEPE's rise was driven by accumulation by wallets linked to Justin Sun and selling by the Binance hacker that was absorbed by the market.
• PEPE is still about 81% below its all-time high, and some of the gain may have come from short covering.

Memecoin Sector Under Pressure, but Direction Is Split

The crypto market closed the last 30 days in survival mode. Bittime Research recorded Bitcoin falling 7.3% to around USD 75,700, while the Crypto Fear & Greed Index dropped from 59 to 25, or Extreme Fear. 

Memecoins were also pressured. The sector's market capitalization is about USD 34 billion, according to CryptoNews based on CoinGecko data, with Dogecoin and Shiba Inu still leading at around USD 10.9 billion and USD 2.61 billion.

Memecoins have no revenue or product. Their "fundamentals" are narrative, liquidity, and community attention, according to Bittime Research. Because of that, one big piece of news can move just one coin, while the rest follow the market direction.

Dogecoin is an example. DOGE fell 15.0% to USD 0.0713, and 24/7 Wall St. recorded a close of USD 0.0689 on November 8, the lowest in a year. Shiba Inu's price fell even deeper: SHIB dropped about 19.4% over 30 days as of November 9, according to CryptoTicker based on CoinGecko data. The period differs slightly from the Bittime Research report.

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Read Also: 10 Elysium Chain Tokens to Watch After Mainnet

PEPE Rose 26.6%: What Triggered It?

PEPE's price was at USD 0.00000484. The late-October rally briefly took it to its highest daily close in 90 days on October 28, at USD 0.00000503. Three factors are thought to have played a role:

• Accumulation by wallets linked to Justin Sun. On October 27, Arkham Intelligence reported that wallets linked to the Tron founder held about USD 51 million of PEPE, or 2.8% of total supply. The position was built mainly through two large withdrawals from Poloniex on October 17 and 26. The news triggered buying interest, and futures volume rose 72.7% to USD 588 million. PEPE rose almost 12% on October 28. 24/7 Wall St. warned that some transfers could be internal moves, since Poloniex is his exchange.
• Posts from the project's official account. On October 27, the official X account @pepecoineth posted a call with the theme "reject humanity".
• Selling by the Binance hacker that was absorbed. Around October 29 to 30, wallets linked to the Binance hack sold about 7.77 trillion PEPE, equivalent to USD 32 million, to swap into ETH, according to Lookonchain. The price briefly fell about 8% within 24 hours, then recovered. Traders read it as clearing supply that had been overhanging the market, and some whales bought the dip.

Other Memecoins Were Dragged Down Too

TRUMP: down 35.2% to USD 1.18. This political-themed token hit a record low of USD 1.116 last week and fell more than 22% in a week. Bittime Research linked its weakness to the US midterm election results. From its peak of USD 73.43 in January 2025, its price has fallen about 98%, according to Investing.com.

PENGU (Pudgy Penguins): down 19.4% to USD 0.00639. This coin is often searched on price-tracking sites, according to TokenPost, and entered CoinGecko's trending list. However, attention does not automatically become buying. Daily volume on November 7 was about 46% below the 30-day average and there was no verified new catalyst, according to DiarioBitcoin.

DOGE: a benchmark. The largest memecoin moved almost in line with major altcoins. That is a sign that macro fund flows are more dominant than community narrative.

Risk Note: Trending Does Not Always Mean Rising

The STONK token from the StonkFun launchpad on Solana entered CoinGecko's trending list precisely because it plunged: down 31% in 24 hours and 53% in 30 days. With a market capitalization of about USD 54 million, a token that small is highly vulnerable to large sell-offs.

PEPE itself is still about 81% below its all-time high in December 2024. Some of its gain may have come from short covering rather than new buyers, according to Bittime Research. This month's lesson is clear: many coins enter the trending list because they fell sharply.

Conclusion

Over the last 30 days, PEPE bucked the memecoin sector thanks to news about large wallets and selling that was absorbed by the market. DOGE, SHIB, PENGU, and TRUMP instead weakened, along with a crypto market in the Extreme Fear zone. First check why a coin is rising or trending before making a decision.

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FAQ

Why did PEPE rise while other memecoins fell?

The trigger was specific: an Arkham Intelligence report about wallets linked to Justin Sun and selling by the Binance hacker that buyers could absorb.

How did Shiba Inu perform compared with Bitcoin?

As of November 9, SHIB fell about 19.4% over 30 days, almost double Bitcoin's 10.2% decline in that period, according to CryptoTicker.

What does it mean for a coin to enter the trending list?

Trending only shows a lot of searches or attention. The direction can be up or down, like STONK, which entered the list because it plunged.

Is PEPE's price close to its all-time high?

Not yet. PEPE is still about 81% below its December 2024 all-time high.

What are the fundamentals of a memecoin?

Memecoins have no revenue or product, so their value depends on narrative, liquidity, and community attention.

Disclaimer: This article is for informational purposes only and is not financial or investment advice.