Bitcoin has broken above $116,000, a strong sign that the market’s positive ‘Uptober’ momentum is building and could be starting a new wave of upward price action.
Bitcoin has broken above $116,000, a strong sign that the market’s positive ‘Uptober’ momentum is building and could be starting a new wave of upward price action.
Historically, DOGE, SHIB, and newcomers like PENGU have moved faster than majors once BTC sets the tone. The market is now asking whether meme coins are worth holding, how high they can go, and if they offer more than hype
Memes are highly volatile, but they react quickly to narratives. If Bitcoin is breaking out, many traders seek leverage in coins like the three above to maximize gains.
Plus, they typically possess lower market liquidity, meaning that comparatively modest amounts of capital can change their price. As a result, even small buying or selling can cause big swings, which can be great for quick profits but also lead to steep drops.
Speaking of meme coins, PENGU (Pudgy Penguins) has been among the standout meme tokens in recent days as it posted double-digit gains not long ago. Currently, its price has in the last 24 hours (according to CoinMarketCap).
PENGU announced (the NFT marketplace) as part of its expansion of NFT utility and exposure In early September and that helped PENGU’s price to surge.
As the original meme coin, DOGE remains a retail favorite. Even though new DOGE coins are created every year, which can dilute its value, it remains popular during rallies because it’s easy to buy, widely known, and has a lighthearted brand identity.
Right now, it’s trading at roughly $0.2423, which is a more than 5% increase in the last 24 hours.
As for SHIB, the meme coin has strengthened its long-term prospects by actively reducing its supply, launching its own scaling solution (Shibarium) to make transactions faster and cheaper, and building a community focused on real-world use, not just trading.
Like PENGU and DOGE, SHIB is also seeing gains, with about 5% increase in the last 24 hours. This suggests that investors are starting to buy and hold SHIB again. Its current price is approximately $0.00001227, and if the accumulation continues, we could see a notable price increase.
Meme coins usually move hardest later in a bull run, after Bitcoin and Ethereum secure new highs. Investors rotate capital into higher-risk plays looking for multiples.
If BTC sustains above $116K into Q4, history suggests DOGE, SHIB, and PENGU could see their biggest rallies after majors slow down.
Still, it’s important to be cautious since Bitcoin could reject resistance zones and pull back, dragging altcoins down with it.
