Meme coins PEPE, DOGE, and SHIB posted double-digit gains while MYX Finance dropped 25.08% amid allegations of an airdrop scandal, reflecting a volatile market day.

Executive Summary

Amid a volatile cryptocurrency market, meme coins PEPE, DOGE, and SHIB recorded double-digit price increases, while MYX Finance experienced a 25.08% decline following allegations of an airdrop scandal. This divergence highlights a prevailing "risk-on" sentiment in specific altcoin segments concurrent with significant negative events impacting other projects.

The Event in Detail

PEPE surged 18% in 24 hours, reaching a price of $0.00001236. Its market capitalization expanded to $5.2 billion, and daily trading volumes increased by 187% to $1.65 billion. Dogecoin (DOGE) recorded a 10% gain, breaking key resistance levels to trade at $0.29. Shiba Inu (SHIB) also saw an 8.86% increase. These movements contributed to the Altcoin Season Index reaching 71/100, alongside Bitcoin dominance sliding to 56.55%, indicating a rotation of capital into high-beta tokens such as meme coins. The broader cryptocurrency market observed an overall liquidity improvement, with total market capitalization increasing by 2.09% in 24 hours, and derivatives open interest climbing to $926 billion.

Conversely, MYX Finance (MYX) experienced a 25.08% price decline in 24 hours, with its price falling to $12.67. This downturn coincided with allegations from blockchain analytics firm Bubblemaps, which claimed the project's core team was directly connected to wallets that siphoned $170 million worth of MYX tokens from a recent airdrop. Bubblemaps described this alleged activity as "the biggest airdrop Sybil of all time." Prior to this drop, MYX had seen a 914.93% price increase over the preceding seven days, achieving a fully diluted valuation of $17 billion within 48 hours of its launch.

Market Implications

The strong performance of meme coins like PEPE and DOGE suggests a robust speculative interest and community-driven momentum within this segment of the cryptocurrency market. Technical analysis on PEPE/USDT indicated a "strong buy" signal across major moving averages, with the Relative Strength Index (RSI) at 68, suggesting strong momentum without being overbought. Analysts, including popular trader Ali, noted PEPE's consolidation within a symmetrical triangle pattern, projecting a potential 111% upside towards $0.000026 based on historical breakout patterns. DOGE's technical indicators, including an RSI of 73.58 and bullish divergence on the MACD, further supported its upward trajectory.

The significant price decline of MYX Finance following the airdrop scandal highlights the inherent risks in nascent projects and the potential for market manipulation or governance failures in decentralized finance. Such incidents can erode investor confidence, particularly in newly launched tokens and airdrop distribution models, potentially leading to increased scrutiny and demand for greater transparency in tokenomics and team wallet disclosures.

Broader Context

The distinct performance of meme coins in 2025 underscores their evolving role as a unique asset class. While still largely speculative and sentiment-driven, some projects are exploring hybrid models that integrate utility beyond pure meme culture. However, the market remains susceptible to rapid shifts in sentiment and regulatory scrutiny. The MYX Finance situation serves as a cautionary example of the vulnerabilities within the Web3 ecosystem, particularly concerning the integrity of token distributions and the impact of alleged misconduct on investor trust and asset valuations. This event, coupled with the speculative rally in meme coins, indicates a complex and bifurcated market environment where capital flows are influenced by both fundamental concerns and community-driven narratives.