Meme coins today are telling two very different stories. While most of the crypto market drifted lower on Monday, October 26, 2026, a small Solana meme coin named Kimchi surged more than 47% in 24 hours, even as Dogecoin and other large meme tokens slipped alongside Bitcoin.
Bitcoin fell below $80,000 over the weekend as traders reduced risk ahead of the US Federal Reserve’s rate decision on Wednesday, October 28. That cautious mood spilled across the market, with nine of the ten largest cryptocurrencies by market capitalization declining on the day, according to market analysts quoted by Indian business outlets.
Kimchi Leads the Meme Coin Movers
The standout mover of the day was Kimchi, a Solana-based meme coin. According to GMGN data cited by ChainCatcher and reported by KuCoin, Kimchi briefly passed a $15 million market capitalization with a 24-hour gain above 47%, before pulling back to around $9.4 million.
The rally appears linked to trader Kimchi, whose X profile bio again lists Pump.fun, the Solana token-launch platform. Social media records show the token previously spiked to a $30 million market cap within about ten minutes of launch and briefly topped $40 million within an hour. Traders note that such rapid, personality-driven moves are typical of small meme coins, and they can reverse just as quickly.
Dogecoin and PEPE Drift Lower
Dogecoin, the largest meme coin by market value, traded near $0.076 to $0.077 on Monday, down roughly 1% over 24 hours, according to OKX and CoinGecko data. Dogecoin remains down more than 60% over the past year and about 90% below its May 2021 all-time high near $0.74.
PEPE was more mixed. Data from price trackers showed PEPE near $0.0000044, up around 2-3% on the day in some readings, even as its five-day return stayed negative. Over the past week, however, PEPE had been one of the stronger large meme tokens, with CoinMarketCap’s weekly gainers list showing a gain of more than 12%.
MemeCore Bucks the Downtrend
Not every meme token fell. MemeCore gained about 3.7% in the top-90 snapshot reported by TokenPost, trading near $0.954, while Quant and Pyth Network also advanced. In that same snapshot, 75 of the 90 largest non-stablecoin cryptocurrencies declined, with Lighter leading losses at 6.7% and Worldcoin falling 6.4%.
The split shows a market where traders are rotating into a handful of smaller names rather than buying the sector broadly, a pattern analysts often see during risk-off periods.
The TRUMP Token Warning
One of the day’s most-discussed meme coin stories was a reminder of the risks. On-chain data tracked by Nansen through the end of June 2026 showed that nearly 989,000 wallets, about two out of three buyers of the $TRUMP token, had lost money, with combined losses of about $3.81 billion, according to a report cited by BitRss. The same report said the token’s associated entities received a $636 million payout linked to the memecoin, based on financial disclosures.
Analysts say the episode underlines a familiar lesson: meme coins driven by hype can produce large, fast gains for early insiders and heavy losses for late buyers.
How to Read a Meme Coin Rally
Analysts caution against reading too much into a single day’s surge. Small meme coins can double on thin liquidity and social media buzz, then give back most of the gain within hours, as Kimchi’s pullback from $15 million toward $9.4 million showed. Traders watching this corner of the market tend to check trading volume, holder counts, and whether the move survives beyond the first day before treating it as a trend.
What Traders Are Watching Next
- The Fed decision on October 28: markets expect rates to be held, but any hint of a December hike could extend the risk-off mood.
- Bitcoin’s $80,000 level: analysts say reclaiming $82,500, the floor lost last week, is the first step toward stabilizing sentiment.
- ETF flows: spot Bitcoin ETFs recorded $635.5 million in net outflows on October 22, the largest single-day outflow since June, according to Farside data cited by market reports.
- Weekend liquidity: thin weekend trading amplified the selloff, with more than $810 million in positions liquidated within 24 hours.
For now, the meme coin market looks divided: a few small tokens are spiking on social buzz, while the established names move with the broader market. Traders note that until Bitcoin stabilizes, meme coins are likely to stay volatile in both directions.
This article is for informational purposes only and is not financial advice. Do your own research before investing.