Dogecoin and Pepe Lead Meme Coin Rally as 2026 Starts
On January 3, 2026, Dogecoin rose about 11% and Pepe surged approximately 17% within 24 hours, leading a strong rally in meme coins. The CoinGecko GMCI Meme Index showed the total meme-coin market value at $33.8 billion with a 24-hour trading volume of $5.9 billion. Alongside Dogecoin and Pepe, other major meme tokens saw notable gains: Shiba Inu rose about 8%, Bonk increased roughly 11%, and Floki was nearly 10% higher.
Smaller meme coins also showed significant movements. Mog Coin increased about 14% on the day, up approximately 37% over the past week, while Popcat advanced around 9% on the day and over 17% weekly.
Traders described meme coins as a high-risk, high-reward segment, noting uneven liquidity and the absence of a clear macro catalyst for a broader market cycle. Bitcoin remained range-bound during this period, while meme coins benefited from high-beta and momentum-driven flows absent a fundamental narrative.
Market observers discussed the emergence of a rising meme-season or rotation signal, including a meme-season index tracking the number of large meme tokens outperforming Bitcoin. Although the rally appeared potentially self-reinforcing, it remained fragile, as crowded positioning or a decline in Bitcoin could trigger a rapid unwind if demand diminishes. The upcoming period would test whether these gains would spread beyond a few liquid meme tokens or fade quickly.
