Meme Insider
In the ever-volatile world of cryptocurrency, a recent discussion on the Unchained podcast[0] has captured the attention of traders and investors alike. Yann Allemann, co-founder of analytics firm Glassnode and Swissblock Technologies, aptly described the current market as "the most bearish bull market ever." His point? If your portfolio isn't heavily weighted toward Bitcoin (BTC) or Ethereum (ETH), you're likely feeling the pain of underperformance.
For those new to the term, a bull market typically means rising prices and optimism across the board. However, this "bearish bull" phase feels more like a grind—overall gains are there, but they're unevenly distributed. Bitcoin, often called digital gold, and Ethereum, the backbone of decentralized finance (DeFi), have been the stars, driven by institutional adoption, ETF inflows, and network upgrades. Meanwhile, alternative coins (altcoins), including the fun yet risky meme tokens, have lagged behind, leaving many holders in the red or stagnant.
Why BTC and ETH Are Leading the Charge
Bitcoin's price has hovered around $110,000 in early November 2025, showing resilience despite market jitters.[11] This strength stems from factors like regulatory clarity in major economies and its role as a hedge against inflation. Ethereum, on the other hand, benefits from its robust ecosystem, including layer-2 scaling solutions that make transactions faster and cheaper.
Allemann's insights, shared during the Unchained episode titled "MARKETS UPDATE & Perps Eat All of Finance," highlight how perpetual futures (perps)—derivative contracts that never expire— are influencing market dynamics. These tools allow traders to bet on price movements with leverage, often amplifying volatility in smaller assets while stabilizing majors like BTC and ETH.
The Impact on Meme Coins
Meme coins, those viral tokens inspired by internet jokes, animals, or cultural phenomena, thrive on hype and community momentum. In a true bull run, they can skyrocket overnight. But in this bearish bull environment, many are underperforming, with recent data showing declines in top performers.
Here's a snapshot of some leading meme coins' performance as of early November 2025:
| ミームコイン | 価格（USD） | 24時間変動 |
|---|---|---|
| Shiba Inu (SHIB) | $0.06 | -1.83% |
| Pepe (PEPE) | $0.06 | -4.37% |
| OFFICIAL TRUMP (TRUMP) | $8.01 | -3.22% |
Tokens like Dogecoin (DOGE) are showing signs of potential rebound, with analysts predicting a strong November rally that could spark altcoin season.[17] However, the dominance of BTC and ETH means meme coin investors need patience. Many experts suggest this phase is an accumulation period—buy low while sentiment is down, positioning for the next wave of gains.
2025年11月に注目すべきミームコイン
Despite the challenges, not all hope is lost for meme token enthusiasts. Based on recent analyses, here are some standout picks that could offer explosive potential:
- Non-Playable Coin (NPC): Blending gaming and memes, NPC has gained traction for its unique utility in Web3 ecosystems.[10]
- Jelly-My-Jelly (JELLYJELLY): A newcomer with strong community vibes, it's positioned for viral growth.
- Pepenode (PEPENODE): Touted for its favorable tokenomics and active engagement, it might outshine veterans like DOGE and PEPE this year.[16]
These selections come from market observers who see value in projects with solid narratives and engaged communities, even amid broader altcoin struggles.
Navigating the Bearish Bull for Meme Token Success
For blockchain practitioners diving into meme tokens, Allemann's commentary serves as a reminder to diversify wisely. While memes offer high-reward opportunities, anchoring a portion of your portfolio in BTC or ETH can provide stability. Keep an eye on on-chain metrics, like those from Glassnode, to gauge when altseason— the period when altcoins outperform majors—might kick off.
As we move through November 2025, the crypto space remains full of surprises. Whether this bearish bull evolves into a full-throated rally or tests patience further, staying informed is key. Check out the full Unchained discussion for deeper dives into perps and market trends.
