Meme coins today are splitting in two directions on Wednesday, November 4, 2026. A handful of familiar names are edging higher as the wider crypto market rebounds from its midterm-election dip, while the Official Trump token is sliding sharply. It is a mixed session, not a meme-coin rally, and the gap between winners and losers is the story.
This article is for informational purposes only and is not financial advice. Do your own research before investing.
The wider backdrop helps explain the split. Bitcoin recovered from an overnight low near $75,600 to trade around $78,300 on November 4, according to CoinDesk, while Ether climbed above $2,400 and CoinDesk’s DeFi Select Index rose about 5%. The CoinMarketCap fear and greed index stood at 37, still in fear territory. Traders note that meme coins often amplify the broader market’s mood, in both directions, and today they are doing exactly that, just not in unison.
Meme coins today: the gainers
Among the larger meme coins tracked by CoinPaprika on November 4, PEPE rose about 2.00% over 24 hours to about $0.00000497, with trading volume of about $324.93 million. Pump.fun’s PUMP gained about 2.36% to about $0.00431, with volume rising more than 36% on the day. SPX6900 added about 3.17% to about $0.371. Shiba Inu edged up about 0.39% to about $0.00000466.
Those gains are modest, but they matter in context. CoinPaprika put the meme-coin sector’s market capitalisation at about $22.86 billion, with 17 of 31 tracked coins rising and 14 falling, a breadth reading of about 55%. In a fearful market, a narrow majority of meme coins rising alongside a DeFi-led rebound reads as stabilisation rather than euphoria, analysts watching the sector suggest.
Dogecoin stalls while TRUMP slides
Dogecoin, still the largest meme coin by far with a market capitalisation of about $12.83 billion, slipped about 0.43% to about $0.0748, according to CoinPaprika. That leaves it essentially flat on the week and close to where it traded in recent sessions, a sign that the original meme coin is currently tracking Bitcoin more than leading it.
The sharpest move among the bigger names came from the Official Trump token. A top-200 tracker put TRUMP down about 20.96% over 24 hours to about $1.25, making it one of the day’s notable losers. That stands in contrast to yesterday’s election-day attention around the token, and it underlines how quickly event-driven meme trading can reverse once the event passes.
Pudgy Penguins’ PENGU offers a similar lesson over a longer window. Despite an expanding brand push into collectibles and trading cards, PENGU fell about 7% over the past week, according to a market report published November 4. Visibility, merchandise and card launches do not automatically force a token price higher, a point traders in the sector repeat often.
Why meme coins are moving this way
- Macro first, memes second: the midterm results initially knocked Bitcoin lower, then stocks and crypto recovered as traders looked ahead to Friday’s United States jobs report.
- DeFi leadership: with CoinDesk’s DeFi index up about 5% and tokens such as Injective gaining about 6.2%, capital appears to be favouring utility-adjacent tokens over pure meme bets today.
- Event fade: tokens tied to election headlines, notably TRUMP, are giving back gains as the news cycle moves on.
- Thin breadth: with only about 55% of tracked meme coins rising, traders note there is no broad meme rotation yet, only selective strength.
The longer view traders keep citing
Day-to-day moves look small next to the drawdowns from all-time highs that analysts keep returning to. A comparison published November 2, based on research by Charlie Bilello of Creative Planning, put Dogecoin about 90% below its peak, Fartcoin about 95% below, TRUMP about 98% below and the Official Melania coin about 99% below, while Bitcoin sat about 39% below its high. Those figures have not changed overnight, but they frame today’s session: a 2% or 3% gain is a bounce inside a much larger decline, not a recovery in itself.
That context also explains the caution in the market. Fear and greed at 37, three straight days of spot Bitcoin ETF outflows through November 3, and a still-unresolved Binance security saga, with about $3.21 billion still in attacker-linked addresses according to Elliptic figures relayed November 4, all argue against reading too much into one green morning.
What meme coin traders are watching next
Traders are watching whether PEPE’s volume, already above $324 million, stays elevated, which would suggest the gain has buyers behind it rather than a brief short-covering pop. They are also watching whether Dogecoin can hold near $0.075, whether TRUMP stabilises after its sharp slide, and whether the DeFi rebound broadens into riskier tokens or stalls at the larger names.
Friday’s jobs report is the next scheduled catalyst. A strong or weak reading could move Bitcoin, and meme coins have historically moved further in the same direction. Until then, today’s picture is best described as selective: PEPE, PUMP and SPX6900 higher, Dogecoin flat, TRUMP sharply lower, and a sector still waiting for a reason to move together.
Related reading: our Bitcoin yield plan explains earning income without selling BTC, while yesterday’s TRUMP token rally and meme coins below their peaks put today’s moves in context.