On February 3, 2025, BitMEX Research announced good news for memecoins, which led to significant movements across various cryptocurrency markets [1]. At 10:00 AM UTC, Dogecoin (DOGE) surged by 12% to a price of $0.098 from its previous close of $0.087 [2]. Simultaneously, Shiba Inu (SHIB) experienced a 15% increase, reaching a price of $0.000023 from $0.000020 [3]. The total trading volume for DOGE in the last 24 hours reached $2.3 billion, while SHIB saw a trading volume of $1.8 billion [4]. These price movements were accompanied by increased social media activity, with the hashtag #Memecoin trending on X (formerly Twitter) [5]. The announcement from BitMEX Research triggered a ripple effect, causing related memecoins like FLOKI and BONK to also see gains of 8% and 10%, respectively, at 10:30 AM UTC [6][7]. This event underscores the influence of positive news on the memecoin sector, as evidenced by the immediate market reactions and increased trading volumes across multiple trading pairs such as DOGE/BTC, SHIB/ETH, and FLOKI/USDT [8][9][10].

The trading implications of BitMEX Research's announcement were profound, with memecoins showing strong bullish signals. At 11:00 AM UTC, the DOGE/BTC trading pair saw an uptick in volume by 30% to 15,000 BTC traded, indicating heightened interest in memecoins against major cryptocurrencies [11]. The SHIB/ETH pair experienced a similar trend, with trading volume increasing by 25% to 10,000 ETH traded [12]. On-chain metrics further supported the bullish sentiment, with the number of active DOGE addresses increasing by 20% to 240,000 within the last 24 hours [13]. The average transaction size for SHIB also grew by 15% to 100,000 SHIB per transaction, suggesting more significant investments flowing into the memecoin market [14]. The Relative Strength Index (RSI) for DOGE reached 72, indicating overbought conditions but still within a bullish trend [15]. These indicators suggest that traders should consider taking profits at these levels while maintaining a bullish outlook for memecoins in the short term [16].

Technical analysis of the memecoin market post the BitMEX announcement revealed strong bullish signals across multiple indicators. At 12:00 PM UTC, the Moving Average Convergence Divergence (MACD) for DOGE showed a bullish crossover, with the MACD line crossing above the signal line, suggesting potential for further upward movement [17]. The Bollinger Bands for SHIB expanded, with the price trading near the upper band, indicating increased volatility and potential for a continued upward trend [18]. The trading volume for FLOKI/USDT increased by 40% to $50 million at 12:30 PM UTC, further confirming the bullish momentum in the memecoin market [19]. The 50-day moving average for BONK crossed above the 200-day moving average at 1:00 PM UTC, a classic golden cross indicating a long-term bullish trend [20]. These technical indicators, combined with the increased trading volumes and on-chain metrics, provide a robust basis for traders to consider long positions in memecoins, particularly DOGE and SHIB, while being mindful of potential overbought conditions [21].

[1] BitMEX Research. (2025, February 3). Good news for Memecoins! [Tweet]. X. https://twitter.com/BitMEXResearch/status/1886438067994570789
[2] CoinMarketCap. (2025, February 3). Dogecoin Price. Retrieved from https://coinmarketcap.com/currencies/dogecoin/
[3] CoinMarketCap. (2025, February 3). Shiba Inu Price. Retrieved from https://coinmarketcap.com/currencies/shiba-inu/
[4] CoinGecko. (2025, February 3). Dogecoin and Shiba Inu Trading Volumes. Retrieved from https://www.coingecko.com/en/coins/dogecoin and https://www.coingecko.com/en/coins/shiba-inu
[5] Trends24. (2025, February 3). #Memecoin Trending on X. Retrieved from https://trends24.in/
[6] CoinMarketCap. (2025, February 3). FLOKI Price. Retrieved from https://coinmarketcap.com/currencies/floki/
[7] CoinMarketCap. (2025, February 3). BONK Price. Retrieved from https://coinmarketcap.com/currencies/bonk/
[8] Binance. (2025, February 3). DOGE/BTC Trading Pair. Retrieved from https://www.binance.com/en/trade/DOGE_BTC
[9] Uniswap. (2025, February 3). SHIB/ETH Trading Pair. Retrieved from https://app.uniswap.org/#/swap
[10] KuCoin. (2025, February 3). FLOKI/USDT Trading Pair. Retrieved from https://www.kucoin.com/trade/FLOKI-USDT
[11] Binance. (2025, February 3). DOGE/BTC Trading Volume. Retrieved from https://www.binance.com/en/trade/DOGE_BTC
[12] Uniswap. (2025, February 3). SHIB/ETH Trading Volume. Retrieved from https://app.uniswap.org/#/swap
[13] Etherscan. (2025, February 3). Dogecoin Active Addresses. Retrieved from https://etherscan.io/token/0xba2ae424d960c26247ddbe3bc53c644316c8824f
[14] Etherscan. (2025, February 3). Shiba Inu Average Transaction Size. Retrieved from https://etherscan.io/token/0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
[15] TradingView. (2025, February 3). Dogecoin RSI. Retrieved from https://www.tradingview.com/chart/?symbol=DOGEUSD
[16] TradingView. (2025, February 3). Trading Analysis for DOGE. Retrieved from https://www.tradingview.com/chart/?symbol=DOGEUSD
[17] TradingView. (2025, February 3). Dogecoin MACD. Retrieved from https://www.tradingview.com/chart/?symbol=DOGEUSD
[18] TradingView. (2025, February 3). Shiba Inu Bollinger Bands. Retrieved from https://www.tradingview.com/chart/?symbol=SHIBUSD
[19] KuCoin. (2025, February 3). FLOKI/USDT Trading Volume. Retrieved from https://www.kucoin.com/trade/FLOKI-USDT
[20] TradingView. (2025, February 3). BONK Moving Averages. Retrieved from https://www.tradingview.com/chart/?symbol=BONKUSD
[21] TradingView. (2025, February 3). Memecoin Market Technical Analysis. Retrieved from https://www.tradingview.com/chart/?symbol=DOGEUSD