Dogecoin remains at the center of meme coin season
In recent weeks, Dogecoin (DOGE) has experienced significant growth, rising approximately 47% between February 6 and 15. During this same period, the total market cap of meme coins also increased by around 43%, showing that Dogecoin continues to follow and lead the meme coin market movement. This dynamic suggests that the overall bullish trend is still present, with DOGE as a key indicator of what could happen across the entire segment.
Currently, BONK and Shiba Inu display an extremely strong correlation with Dogecoin, close to 0.99 over certain periods, meaning they move almost synchronously with DOGE. This high correlation makes their price structures particularly important, as they could represent early signs of a broader movement if Dogecoin itself confirms a bullish trend.
For BONK, we observe the formation of an inverted head and shoulders pattern on the 12-hour chart, a technical signal suggesting weakening sellers and progressive buyer control. If the price breaks through the critical level around $0.0000075, the pattern projects a possible rise toward approximately $0.000010, representing nearly +43% from the neckline. Shiba Inu is forming a bullish flag, a pause in an upward movement that can precede an upward continuation if a breakout occurs.
Market, holders and key technical signals
Even after a slight retracement, the meme coin market cap has retained most of its recent gains, declining only about 12.5%, showing that the general trend is not yet broken. This stability suggests that the market has not yet shifted into a bearish phase, reinforcing the idea that meme coin season could continue.
On-chain data indicates that long-term investors and whales (large holders) have increased their positions, while short-term traders are disengaging. For example, indicators like the Spent Coins Age Band have dropped, reflecting reduced short-term trading activity, a sign that strong hands now dominate market dynamics.
Finally, Dogecoin itself is forming an important technical structure called a cup and handle, often considered a bullish continuation signal if a breakout above a key threshold is validated. The technical level to watch is $0.117: a break above could project DOGE toward approximately $0.180, representing a rise of about +50%. Conversely, a drop below certain supports (≈ $0.098 then $0.091) would weaken or invalidate this bullish scenario.
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