PEPE Leads Meme Coin Rebound as SHIB Supply Tightens

The PEPE meme coin rebound is the clearest story in the meme coin market this week, even as the wider crypto market struggles to hold its footing. Bitcoin traded near $80,688 on October 25, 2026, up just 0.08% in 24 hours according to CoinMarketCap data reported that day, while meme coins split into leaders and laggards.

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PEPE’s strength stands out against a soft backdrop. According to CoinDesk’s market report on October 23, 2026, PEPE rose 14% in a single day to lead the CoinDesk 100 index, extending its weekly gain to 23% and its monthly gain to 16%. The move had no single clear catalyst, CoinDesk noted, which makes it a rally traders are watching with a mix of interest and caution.

The PEPE meme coin rebound leaves peers behind

PEPE’s daily trading volume reached around $353 million during that October 23 advance, about 10% higher than the previous day, according to CoinDesk. That volume matters because meme coin rallies built on thin trading often fade quickly, while heavier volume suggests broader participation.

The rest of the sector did not keep pace. In the same CoinDesk report, FLOKI, BONK, and Shiba Inu (SHIB) rose between 3.3% and 4.9% on the day, but remained down as much as 16% over the month. The contrast is the story: PEPE is outperforming its peers on both weekly and monthly timeframes, while the broader meme coin group is still working off earlier losses.

Dogecoin drifts as its ecosystem builds

Dogecoin (DOGE), still the largest meme coin by market value, has been the quieter name. DOGE closed October 24 at $0.0776, down 1.2% on the day and 3.3% on the week, according to Basis Desk’s market close report. By the morning of October 25, CoinMarketCap data put DOGE at $0.07772, down 0.88% in 24 hours.

Behind the price, however, development continues. On October 21, three Dogecoin app teams joined to form Dogecoin Labs, The Block reported, with one of the teams, MyDoge, counting more than 500,000 users. Analysts watching the sector note that useful apps can support a coin over time, even if they do not move the price in a given week. DOGE still trades far below its record high of $0.7376 from May 2021, a reminder of how much ground the sector gave back after the last bull run.

Shiba Inu: a five-year low in exchange supply

Shiba Inu is sending a different kind of signal. CryptoQuant data cited by BitRss shows the amount of SHIB held on crypto exchanges has fallen to a five-year low of around 79.8 trillion tokens. When exchange balances fall, analysts often read it as investors moving tokens into self-custody, which reduces the supply immediately available for selling.

That has not yet translated into price strength. SHIB traded near $0.00000508 in recent CoinStats coverage, with bearish sentiment dominating, and the token is down roughly 65% over the past year according to the same BitRss report. SHIB’s market capitalisation remains below $3 billion, ranking it as the third-largest meme coin behind Dogecoin and MemeCore.

Some market watchers argue the combination of depressed prices and shrinking exchange supply sets up a possible recovery, while others caution that a supply signal alone does not create demand. Traders note that SHIB still needs sustained buying pressure, not just fewer tokens sitting on exchanges, before any lasting rally can take hold.

PEPE’s position in context

PEPE’s recent strength also looks different when measured against its own history. The token traded at $0.00000449 in recent CoinMarketCap data cited by OpenPR, about 84% below its December 2024 peak of $0.00002825. Its daily trading volume reached $468.23 million on October 20, according to CryptoTicker data cited in the same report — nearly ten times SHIB’s turnover that day.

That trading activity is a double-edged sword. High turnover shows PEPE remains one of the most actively traded meme coins, but it also means sharp reversals can come quickly. Analysts are watching whether PEPE can hold its weekly gains if Bitcoin slips further below $80,000, a level that has acted as a psychological floor in recent sessions.

What traders are watching next

Several factors will shape the meme coin market in the days ahead:

• Bitcoin’s $80,000 level: Bitcoin fell below $80,000 over the weekend of October 25 after geopolitical headlines, according to CoinDesk, and a sustained break lower would likely pressure meme coins first.
• ETF flows: US spot Bitcoin ETFs lost $635.49 million on October 22 and a further $137.94 million on October 23, SoSoValue data shows, a two-day outflow of $773.43 million that has weighed on sentiment.
• PEPE’s volume: whether PEPE’s elevated trading volume persists or fades will help traders judge if the rebound has legs.
• SHIB exchange balances: if SHIB’s exchange reserves keep falling while prices stabilise, some analysts see that as a constructive backdrop.
• Dogecoin Labs progress: any concrete app launches from the new Dogecoin Labs group could give DOGE a fundamental talking point beyond price action.

The bottom line

For now, the meme coin market is a tale of two groups: PEPE leading a rebound with a 23% weekly gain and heavy trading volume, while DOGE and SHIB lag on price even as SHIB’s exchange supply tightens to a five-year low. The wider market’s direction, set largely by Bitcoin around $80,000 and by ETF flows, will likely decide whether PEPE’s lead widens or fades.

As always with meme coins, volatility is the norm rather than the exception. Traders watching this sector are tracking volume, exchange balances, and Bitcoin’s key levels — not headlines alone — for the next signal.