Today in Crypto: DOGE and ENA Lead Gains as Bitcoin Faces Pressure

Altcoins, led by DOGE and SUI, are rallying as the broader memecoin sector shows signs of recovery.

Most cryptocurrencies traded in the green, with Ethena’s ENA and Dogecoin (DOGE) extending double-digit gains over 24 hours. The CoinDesk 20 Index rose 2%, with 16 constituents advancing.

Analysts remain cautious, noting that total crypto market capitalization is still below its 50-day moving average. Alex Kuptsikevich, chief market analyst at FxPro, said, “While anticipated Fed rate cuts support stocks, the weak economy continues to weigh on retail traders, who drive crypto prices.”

Futures and Open Interest Trends
DOGE, SUI, and HYPE saw strong gains in futures open interest, with DOGE OI climbing to 16.88 billion tokens, the highest since July 31, confirming a 7.5% price surge. BTC OI on perpetuals remains in the 270K–290K range, while CME BTC futures OI stays at April lows. ETH futures OI dropped to 1.87 million ETH, indicating modest outflows. XRP and SOL options show bullish bias, whereas BTC and ETH options signal lingering downside concerns.

Memecoin Momentum
Solana-based Bonk (BONK) jumped nearly 7%, DOGE gained 7%, and newer memecoins SPX6900 (SPX) and Pump.fun (PUMP) outperformed the broader altcoin market. The CoinDesk Meme Index (CDMEME) rose 2.2%, outpacing the CoinDesk 20 Index. Even smaller tokens, like Fartcoin (FARTCOIN), attracted buying, reflecting renewed retail appetite for high-risk, high-reward trades.

MemeCore (M), a Layer-1 blockchain for memecoins, climbed 164% in seven days, reigniting sector optimism. Meanwhile, the total crypto market cap increased 0.57% to $3.84 trillion, with BTC and ETH moving away from key support levels, supporting further altcoin strength.