Dogecoin Faces Tough Competition As New Memecoins Enter The Fray

Dogecoin, the internet’s beloved memecoin, has been on a roll since its inception in 2013. With its quirky dog logo and humorous backstory, DOGE has captured the hearts of millions of people around the globe. 

Its popularity has only soared higher, fueled by celebrity endorsements, including the likes of Elon Musk and other high-profile figures. However, as the world of cryptocurrencies continues to evolve, Dogecoin’s status as the king of memecoins seems to be under threat from the emergence of new, exciting competitors. 

The question on everyone’s mind now is, what will become of Dogecoin?

Dogecoin Stuck Amid Surge In Memecoin Hype

Memecoins are digital currencies that are based on popular memes and internet trends, and they have taken the market by storm in recent years. 

Dogecoin, with its cute Shiba Inu dog mascot, has been the undisputed king of memecoins for years. However, it appears that its reign may be threatened by the rise of new memecoins that are taking over the market by storm.

In the last few days, there has been a surge in memecoin hype, with investors pouring money into new and upcoming coins. However, to the surprise of many, “OG” memecoins like Dogecoin barely received any attention. 

Image: Trading Education

This is because newer memecoins such as PEPE have been stealing the spotlight. PEPE is a new memecoin that is based on the popular internet meme of the same name. It has been gaining a lot of attention on social media, and its value has been skyrocketing.

Dogecoin’s price, according to CoinMarketCap, currently sits at $0.0803. In the last 24 hours, the cryptocurrency saw a modest rally of 0.14%, but over the course of the past seven days, it experienced a slump of 4.46%.

Dogecoin On-Chain Volumes Show Signs Of Rejuvenation

Dogecoin has seen a rise in demand over the past seven days, as evidenced by an increase in the total number of holders. This suggests that traders are buying the dip, indicating that they have faith in the cryptocurrency’s long-term potential. 

In addition, on-chain volumes, which had previously dropped to a weekly low, have shown signs of rejuvenation, further reinforcing the idea that interest in Dogecoin is on the rise.

Despite the challenges Dogecoin has faced, such as heavy outflows during the 2022 crypto winter, it has managed to maintain a strong market cap, currently sitting just over $11 billion. 

DOGE total market cap at $11 billion on the daily chart at TradingView.com

Dealing With The Rise Of Memecoins: DOGE’s Future

As the rise of memecoins continues to steal the spotlight from pioneering memecoins, the cryptocurrency will have to navigate a highly competitive market to maintain its relevance and popularity. 

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Attention all #DOGEARMY! Help us convince @Starbucks to accept #dogecoin! It’s time to show them what we’re made of 🐶☕ And don’t forget you can get 3% back in doge rewards if you use your #DogeCard at #Starbucks.#StarbucksxDogecoin #ToTheMoonAndBack pic.twitter.com/bU2gCTEGfi

— The DogeCard (@TheDogeCard) April 25, 2023

However, with the backing of high-profile endorsers and a strong community of supporters, Dogecoin may yet have some tricks up its sleeve. Devs may also increase the coin’s utility and implement new features to keep the hype alive, creating new use cases that could further enhance the cryptocurrency’s value proposition.

-Featured image from The Currency Analytics