Meme coins DOGE, SHIB and PEPE recover as Iran-Israel ceasefire holds :
Dogecoin, Shiba Inu, and Pepe meme coins extend their gains on Tuesday after recovering more than 8%, 9% and 11%, respectively, on Monday.
Derivatives data for DOGE, SHIB, and PEPE show a bullish bias as funding rates turn positive.
The technical outlook for the three main meme coins suggests a V-shaped recovery targeting double-digit gains ahead.
Meme coins Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are extending their gains on Tuesday after a sharp recovery the previous day. The announcement of a ceasefire between Iran and Israel on Monday fueled this recovery. Derivatives data also shows the funding rates of DOGE, SHIB, and PEPE turn positive as bullish bets rise.
Risk-on sentiment fuels meme coin recovery
Donald Trump announced late on Monday that a “complete and total” ceasefire between Israel and Iran, pausing the ongoing 12-day war. The announcement led to a sharp recovery in crypto markets, with top meme coins such as DOGE, SHIB, and PEPE rising by more than 8%, 9%, and 11%, respectively, that day. On Tuesday, these meme coins continued to extend their gains.
DOGE, SHIB and PEPE derivatives data show bullish bias
CoinGlass’s OI-Weighted Funding Rate data for DOGE, SHIB and PEPE shows that the number of traders betting that the price of these meme coins will slide further is lower than of those anticipating a price increase. Generally, a positive rate (longs pay shorts) indicates bullish sentiment, while negative numbers (shorts pay longs) indicate bearishness.
The metric for these top meme coins by market capitalization flipped to a positive rate on Tuesday, reading 0.0003% for DOGE, 0.0076% for SHIB, and 0.0044% for PEPE, suggesting a bullish outlook for the three meme coins.
the long-to-short ratio of SHIB and PEPE memecoins stands at 1.18 and 1.08, respectively, on Tuesday, marking the highest levels in over a month. However, for DOGE, the metric stands at 1.01, rising steadily since Saturday but still well below the high seen on June 5.
