With more meme coins making their way into industry, how is Dogecoin faring?
The interest that has been generated in the digital currency ecosystem thus far this year has been driven mostly by meme coins. With Dogecoin’s (DOGE) price trading at $0.07369, up 4% over the week, the coin has retained its undefeated rank as the first of all meme coins in existence today. The question of whether it is still relevant in the industry remains one that must have been brewing in the hearts of many, with new rivals launching daily.
PEPE, Milady Meme Coin (LADYS) and Floki remain some of the latest sensations in the meme coin world over the past few months. PEPE, for instance, generated so much buzz that it shook Crypto Twitter’s interest in the token, taking it quite higher in valuation than can be envisaged.
The hype generated by the latest stream of meme coins has largely placed older and more established ones like Dogecoin and Shiba Inu in the background; they hardly seem like “meme” coins any longer. While still maintaining their relevance, investors, both retail and institutional, have notably shifted their primary focus to the younger tokens in a bid to take advantage of their lower market caps for higher gains in the future.
Dogecoin maintaining its grit
Amid damning odds, Dogecoin has maintained its stability. While many funds are not flowing into it like the new rivals, one thing that has proven true is that investors are not liquidating it to acquire other meme coins. This claim can be proven by the fact that the digital currency is still ranked as the eighth largest cryptocurrency, with a market capitalization of $10.2 billion.
In the current meme coin war, PEPE may be making personal strides with the help of its relatively new community, but it is still far from where DOGE and SHIB are right now. Despite these tokens known for their high growth potential, DOGE and SHIB are riding on their stability to carve out new rivals with the more established cryptocurrencies.