If the Dogecoin keeps its place as the supreme meme despite the competition of the Shiba Inu, the exponential increase of memecoins is for its founder a problem of the cryptosphere. Indeed, all its tokens that appear daily are far from the joke that is DogeCoin. They are only a tool of speculation so that their creator gets rich. Despite all these outsiders, Dogecoin retains its leading position. But for how long ? The shiba Inu and other Dogelon Mars are waiting impatiently to take the place of the eldest. The greater the technological advances of other blockchains, the tougher the competition between these community-based tokens will be.
- Dogecoin versus memecoins
- Who are the Dogecoin competitors?
- Should you invest in Dogecoin?
Dogecoin, The Memecoin Adulated By Elon Musk
Created in 2013, Dogecoin is an ancestor in the cryptosphere. Long alone in the domain of meme coins, the DOGE was created to make fun of all the useless cryptocurrencies that appeared. It was therefore a question of making one more but by claiming it. Unfortunately this joke was too successful. After the bullish rally of Dogecoin in 2021 after a few tweets from Elon Musk declaring his love for this cryptocurrency, memecoins have multiplied. It would be impossible to list them all, their creation being almost daily. But Billy Markus, the co-founder of DOGE hates this situation. His twitter feed which is followed by more than a million subscribers is flooded with advertising for one or another of his tokens. Billy Markus has sort of had an overdose of his repetitive spam.
In fact for him these memecoins “are made by people trying to get rich on the backs of other people trying to get rich”. In his denunciation, Billy Markus specifically targeted the BNB Smart Chain. This one is cluttered with all these useless memecoins. The ease of creating tokens has allowed a large number of projects to come out. But this had counterparts which tarnished the reputation of the BNB Smart Chain. Unlike all these memecoins, the Dogecoin has its own blockchain and therefore did not choose the easy way despite its joker side.
Dogecoin Hounded By Shiba Inu And Other Memecoins
Among all its meme coins, the Shiba Inu is the one that is the most serious competitor to DOGE. After its bullish rally, this DOGE killer even overtook its master for a few days. Despite the fairly significant drop in its price, it is not far behind. Unlike Dogecoin, Shiba Inu has a busy roadmap: NFT, dedicated DEX, move to dedicated blockchain, DAO, metaverse. The Shiba goes through all the modes. But it seems to work for him. Its ability to renew itself encourages investors to position themselves on it.
Not to mention short-lived meme coins like Santa Floki which benefited from the Christmas spirit to boost its price, several other competitors could also make a push towards the top spots. Thus the Dogelon Mars is at the door of the top 100 since it donated part of its cash to a humanitarian association. Finally, the Floki Inu also benefits from a large community to support it.
What Perspective For The DOGE price?
With all its elements, it is legitimate to wonder about the future of Dogecoin. Even though Billy Markus despises all of his meme coins, they could one day take the place of his creation. In fact, it can be seen that investors are not moving away from DOGE. Many altcoins have seen their price cut by 3 or 4 since November. Yet DOGE only suffered a 50% decline. It withstood the winds of market panic remarkably well. If it did not benefit from last night's rally as strongly as altcoins with a similar capitalization, it is because it has much less to catch up.
Currently at 0.13 dollars, it is indeed far from its historic high of 0.68. But this one is to be put into perspective since it was linked to a series of tweets from Elon Musk. Its resistance zone is around $0.26/$0.3. We can therefore hope that its price will increase by at least 100% if there is a new uptrend that sets in. Paradoxically and despite the absence of technical added value, Dogecoin does not seem ready to give its place at the top of the cryptocurrency ranking.
Ancestor of all meme coins, the Dogecoin does not appreciate all its tokens that claim to be its name. Billy Markus is clear. His joke has nothing to do with the scams or illusions related to all these meme tokens. Despite their regular onslaught, especially that of the Shiba Inu, the Dogecoin remains in its place. He has a seniority bonus that he is not about to lose.