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Is Dogecoin (DOGE) Underdog of Meme Coin World?
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The meme coin world is a very important offshoot of the cryptocurrency ecosystem owing to the buzz around the most prominent projects today. Of the hoard of meme tokens around today, Dogecoin is maintaining its legacy as the first of the pack, but current trends and on-chain data show that the cryptocurrency might be lagging behind as the underdog in the meme coin world.
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Comparing Dogecoin side by side with its two biggest rivals, Shiba Inu (SHIB) and Pepe coin (PEPE), shows the top coin exhibits some strengths and weaknesses across the board. At the time of writing, Dogecoin is changing hands at a price of $0.06233, atop a market capitalization of $8.77 billion, making it the largest in the meme coin world.
Shiba Inu is also a meme token with an enormous market capitalization pegged at $4.67 billion at the time of writing. PEPE, on the other hand, is worth just $342.46 million. Despite these varying price and valuation changes, SHIB and PEPE brandished more hype in the ecosystem at this time, attracting massive whale interest across the board.
Dogecoin transaction activities and social sentiment are also relatively lower when compared to those of its two rivals today.
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Ecosystem expansion mandate
While PEPE has not attained the status to boast of being ahead of Dogecoin in any way, Shiba Inu has the bragging rights through the emergence of its Ethereum-based Layer 2 network, Shibarium. The Shibarium protocol has set Shiba Inu apart as the first meme coin project that has made a significant pivot away from just being tagged as a fun token.
Dogecoin relies heavily on its adoption as a payment token; however, in the presence of more prominent cryptocurrencies playing this role, the expansion of its ecosystem through this avenue has been relatively slow.
The cryptocurrency is still a force to reckon with, and riding on the influence of Elon Musk over the coin, its future has more luster than we are seeing at this time.
About the author
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey’s articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
