The meme coin market is exhibiting a stark divergence in early 2026. While established giants like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) face sustained selling pressure, a segment of the market tied to the Solana blockchain and a new presale project is showing notable strength.
Legacy meme coins are struggling. Dogecoin has remained below key short-term moving averages, indicating seller control. Shiba Inu has extended losses, risking a revisit of multi-month lows. Pepe is under particular stress, having broken below its 50-day moving average at $0.00000541 and hovering near the critical $0.00000500 psychological support. Technical indicators for PEPE, including a bearish MACD crossover and an RSI of 43, signal fading momentum and dominant selling pressure.
In contrast, Solana-based meme coins are thriving. The total market capitalization for this sector has grown from approximately $5.1 billion at the start of the year to nearly $6.7 billion. Daily trading volumes have surged, with tokens like Bonk (BONK), Pengu (PENGU), dogwifhat (WIF), and Popcat (POPCAT) posting gains. Platforms like Pump.fun are seeing record usage, and exchanges such as Bybit Alpha have been rapidly listing new Solana meme tokens, fueling fresh trader interest.
Simultaneously, the presale for Milk & Mocha ($HUGS) continues to advance steadily. Currently in Stage 11 of 40, the project has raised over $276,000, with tokens priced at $0.0008092. This price sits far below the project's anticipated $0.06 listing target, creating a theoretical upside gap of roughly 74x to reach the listing price and potential for 100x gains if post-listing momentum continues. The project, based on a popular character IP, differentiates itself by offering planned utility through staking, NFTs, and games, contrasting with purely culture-driven tokens like PEPE.
This market split highlights a shift in trader focus. Older, large-cap meme coins remain tightly correlated to Bitcoin and broad market sentiment, making them vulnerable during pullbacks. Newer Solana-based assets benefit from different dynamics, including active listings and concentrated trading interest. Presales like Milk & Mocha operate outside live market volatility, attracting buyers seeking early entry before a token's public debut.
