Dogecoin and Two Tokens Renew Hopes for Meme Coin Season

Dogecoin’s price may still hold the clues to whether meme coin season returns. Between February 6 and February 15, Dogecoin rallied about 47%, while the total meme coin market cap climbed around 43%, showing Dogecoin continues to lead the sector. Two closely aligned tokens, BONK and Shiba Inu, are already forming breakout patterns, making their moves dependent on whether Dogecoin confirms its own bullish structure.

BONK and Shiba Inu have been highly correlated with Dogecoin, reaching correlations of about 0.99 and 0.97–0.99 on monthly and weekly timeframes. BONK is forming an inverse head and shoulders on the 12-hour chart, with a breakout level near $0.0000075 and a projected move toward $0.000010 (about a 43% rally from the neckline); the pattern weakens under $0.0000063 and invalidates under $0.0000051.

SHIB is forming a bullish flag, with a breakout near $0.0000069 and a target around $0.0000099 (a 43% gain); a dip under $0.0000057 would come close to invalidating the theory.

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