Bro, right now (around June 6, 2026), there's definitely no altcoin season. BTC dominance is stable in the 57-58.5% range, and the Altcoin Season Index is hovering between 41-49, firmly in 'Bitcoin season.' The total crypto market cap is about $2.1-2.2 trillion, significantly down from previous highs (some data shows a noticeable retracement from even higher levels). Funds are heavily concentrated in BTC and a few top assets, while mid to low cap altcoins (including memes) are generally facing severe pullbacks. Retail confidence is low, showing signs of 'local consolidation and emotional sell-offs.'
Meme coins, being the most sensitive to sentiment, are dropping the hardest and fastest. The rebounds seen in early 2026 have basically been fully retraced, or even more. We've seen multiple instances of 10-20%+ weekly corrections in the short term.
Current dire state of the three major meme coins (latest prices and performances)
Dogecoin (DOGE) —— relatively the most resilient, but still stuck in the mud.
Current price is around 0.08-0.084 USD.It's down 3-4% in 24 hours and about 19% in the last week. Its market cap still holds steady at the top of the meme sector (around $12-13 billion), but it has clearly dipped with BTC's correction. It shows the best resilience (supported by institutional + payment narratives), but lacks strong catalysts and is in a choppy downtrend. It has lost a significant amount from its peak early this year.Shiba Inu (SHIB) —— struggling to escape heavy losses amid ecological transition.
Current price is around 0.0000045-0.0000048 USD.It's down about 5% in 24 hours and around 18% in the last week. The community and Shibarium are still active, but high circulation + lack of new breakout points have led to insufficient elasticity. It has significantly retreated from earlier highs, with retail holders generally in a losing position.Pepe (PEPE) —— pure meme, facing the highest risk of a brutal zeroing out.
Current price is around 0.0000026-0.0000027 USD.It's down 3-8% in 24 hours and over 20% in the last week. It's been slashed in half from its all-time high and then some, with massive volatility due to its pure speculative nature, often leading the meme sector down. The viral spread is still there, but without substantial narratives, it can be quickly dumped.
Current state of the meme sector: DOGE is relatively 'strong' (still a go-to pick), SHIB is mediocre but struggling to take off, while PEPE is the weakest link. Most meme coins are showing a 'bounce-and-sell pressure' weakness in line with the broader market, with total market cap noticeably shrinking and trading volume sluggish.
Why the drop? The core reason is the absence of an altseason.
BTC dominance is high: funds are clustering around BTC and ETH, while altcoins lack rotation.
Macro + sentiment double whammy: BTC price correction (recently dipped to around $60k) led to panic selling across the market, intensifying ETF fund flow volatility.
Retail traders are exiting: Without a full-blown altseason catalyst, memes are driven by sentiment and are more easily harvested.
Total market cap under pressure: The market has retreated 20-30%+ from its peak, with liquidity concentrating in stable assets.
My take: In the short term, it's still Bitcoin season, and meme coins are unlikely to see a systemic big rebound. Unless BTC stabilizes at key support and effectively pulls back dominance (below 55%), the likelihood of continued bottoming or local small bounces followed by sell-offs is higher. If macro conditions improve in the second half of the year + new narratives emerge, local meme opportunities might resurface, but a 'rising tide lifts all boats' type of altseason is hard to see in the short term.
Trading reminder:
Prioritize preserving cash or BTC as a base, and only use a tiny position in memes to gamble on a bounce.
Strict stop-losses are a must; keep an eye on BTC price and dominance changes.
DOGE can serve as a defensive meme allocation, while SHIB/PEPE are suitable for high-risk short plays.