Meme coins split sharply on Monday, November 9, 2026, as Bitcoin fell to a two-month low and the wider crypto market turned deeply red. PEPE was one of only five coins among the top 100 by market value to gain at least 1% in 24 hours, while Dogecoin and Shiba Inu both slid, according to CoinDesk’s market report. The meme-coin sector ended the day at a market capitalisation of about $21.89 billion, with trading volume surging.
This article is for informational purposes only and is not financial advice. Do your own research before investing.
Meme Coins Today: A Market Split in Two
The headline numbers tell the story of a defensive market. According to CoinDesk, only five of the 100 largest cryptocurrencies gained 1% or more over 24 hours: ARB, RNDR, PEPE, QNT and GT. Everything else, including Bitcoin, Ether, XRP and Solana, was flat to negative. Bitcoin traded near $74,996, down from a weekend low of about $73,650, while Ether fell 5.9% to around $2,131 after closing below its 200-day moving average for the first time since August 18.
Meme coins followed the same split. CoinPaprika’s sector data, updated at 12:37 UTC on November 9, shows only 7 of the 30 largest meme coins rising over 24 hours, with 23 declining. But volume told a different story: Dogecoin’s 24-hour volume jumped more than 214% to $509.67 million, and PEPE’s rose 191.55% to $390.48 million. Traders were not ignoring meme coins — they were trading them furiously while prices fell.
PEPE Leads the Meme Coin Gainers
PEPE was the standout large-cap meme coin of the day. It rose 1.20% over 24 hours to $0.00000509, with a market capitalisation of about $2.14 billion, making it the third-largest meme coin. Its 7-day performance of +6.61% was also positive, a rare bright spot in a sector where most coins were down over the week. PEPE’s trading volume surged nearly 192% in a day, suggesting real attention rather than thin trading.
Analysts note that PEPE’s resilience is notable precisely because the rest of the market was falling. When Bitcoin drops to a two-month low and liquidations top $1 billion, most risk assets fall together. A meme coin holding green in that environment stands out, and traders are watching whether PEPE can keep its momentum if Bitcoin stabilises above the $73,500 support level.
Dogecoin and Shiba Inu Slide With the Market
Dogecoin, the largest meme coin by far, fell 2.34% over 24 hours to $0.069586, with a market capitalisation of about $11.93 billion and a 7-day decline of 7.11%. Despite the drop, its trading volume exploded by more than 214% to $509.67 million, the highest in the sector — a sign that sellers and dip-buyers were both active, with neither side yet in clear control.
Shiba Inu fared slightly better, down 0.81% to $0.00000443, with a market cap of about $2.61 billion and volume up 87.67% to $39.29 million. Traders note that the two largest meme coins now move closely with Bitcoin itself — when the market leader falls to a two-month low, DOGE and SHIB rarely escape the drag.
Smaller Meme Coins: A Few Bright Spots
Beyond the big three, a handful of smaller meme coins posted gains. Useless Coin rose 4.29% to $0.136698, up 10.45% on the week, and Book of Meme (BOME) gained 2.52% to $0.00062255. Pump.fun’s PUMP token edged up 0.17%, though it remains down 9.51% over seven days.
On the downside, Official Trump (TRUMP) fell 2.00% to $1.1403 and is down 29.80% over the week, while Bonk slipped 0.46% to $0.00000278. Cash Cat dropped 11.25% and Dog (Bitcoin) fell 4.63%. The pattern is consistent with a risk-off day: traders rotate toward the largest, most liquid meme coins and away from smaller, thinner names.
Why Meme Coins Are Falling With Bitcoin
Traders point to three drivers behind today’s weakness. First, a Nvidia-led tech sell-off weighed on risk assets across the board, and crypto followed stocks lower. Second, leverage amplified the move — more than $1 billion of leveraged positions were liquidated in 24 hours, $913 million of them longs, forcing selling into a weak market. Third, US spot Bitcoin ETFs recorded $1.28 billion in outflows last week, draining a key source of demand.
Options markets are also signalling caution. Bitcoin’s one-week implied volatility jumped to about 43% from about 33% on Thursday, according to CoinDesk, and four of Bitcoin’s six most active options contracts are puts at strikes between $70,000 and $72,000. In that environment, meme coins, which sit at the riskiest end of the crypto spectrum, tend to fall harder than Bitcoin itself — which makes PEPE’s green day all the more unusual.
What Traders Are Watching Next
- Tuesday’s CPI report: the October US inflation reading lands at 8:30 AM ET on November 10. A softer-than-expected number could ease pressure on risk assets, while a hot print could push Bitcoin toward the $71,777 support level cited in technical reports.
- The $73,500 support level: Bitcoin’s weekend low near $73,650 is the line traders are watching. A daily close below it would extend the breakdown.
- PEPE’s volume: if PEPE’s elevated trading volume persists while its price holds, traders will read it as genuine demand.
- Bitcoin dominance: at about 59.6% to 60.0%, dominance is near the top of its recent range. If it rises further, altcoins and meme coins usually underperform; if it falls, traders look for a rotation back into smaller coins.
The Bottom Line
November 9 was a day of contrast in the meme-coin market. PEPE’s 1.20% gain made it one of only five top-100 coins in the green, with trading volume nearly tripling, while Dogecoin fell 2.34% and Shiba Inu slipped 0.81% as Bitcoin tested two-month lows. Interest has not disappeared — it has turned defensive. With Tuesday’s inflation report and the $73,500 support test ahead, the next 48 hours are likely to decide whether today’s split was the start of a rotation or just a pause in a broader sell-off.