Dogecoin, which began as a joke, has since developed into a full-fledged currency with a big fan base and a star-studded investment group that includes Elon Musk. DOGE is quite cheap which adds to its appeal.
Individuals even buy it for their children. As a consequence, DOGE is an excellent payment option for almost any firm looking to implement a crypto payment system. And besides, a big pool of DOGE investors translates to a huge group of potential consumers.
Shiba Inu is currently merely attempting to drop under $0.20. The Dogecoin stays down and locked at a value of $0.14. Even while DOGE seems to be receiving fire over the last week, it already re-entered the top ten cryptocurrencies by market capitalization and ranks #9, owing to LUNA’s previous troubles.
Dogecoin is still the most popular meme currency in the world. The success of Dogecoin demonstrates that certain investors still trust in the meme coin market company’s viability.
Dogecoin actually gained ground on Shiba Inu, who’s stayed under stress as traders awaited Robinhood’s verdict on its prospective IPO. DOGE does have a market valuation of $18.2 billion, as per CoinMarketCap. The meme coin placed 15th because Shiba Inu’s market worth has dropped to $11.3 billion.
Dogecoin Vs. Shiba Inu
Shiba Inu appeared to be on the verge of defeating Dogecoin and becoming the globe’s largest dog coin at one time. In crypto, the initial player benefit is critical, as well as the continent’s most popular cryptocurrency exemplifies this point. Although there are over 17,000 coins in existence, Bitcoin accounts are just about 43% of the global crypto market capitalization.
In the short term, Dogecoin’s growth will be determined by the overall crypto market. If Bitcoin falls to new depths and hits the $30,000 level, DOGE will be under massive demand and may fall underneath the $0.10 mark.
Dogecoin’s destiny will be determined regardless of whether meme currencies will stay prominent as something of an asset class as time goes by. In the cryptocurrency industry, patterns fluctuate greatly.
Its reputation as such country’s most popular meme coin would not be enough to sustain it in the foreseeable future. Dogecoin in reality has reached all such high points in May 2021. It has also been steadily declining for several months at least.
A top-10 ranking raises Dogecoin’s awareness and demonstrates constant backing from crypto aficionados. However, the dog currency will undoubtedly require additional triggers to acquire a sustained positive impact on the overall.
Dogecoin has had phenomenal success for a cryptocurrency of its sort.
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