Dogecoin (DOGE) is currently the only memecoin among the top 25 crypto projects by market cap. Shiba Inu (SHIB) and Pepe (PEPE) were once in the top 25 projects as well. However, both SHIB and PEPE have slipped out of the top 25 over the last few months. DOGE has maintained its dominance in the memecoin charts and could be the undisputed memecoin king.
Dogecoin To Dominate The Memecoin Sector?
DOGE is the original memecoin. The project was launched in December 2013, more than 11 years ago. Over the last decade, DOGE has solidified its position as a solid crypto project. DOGE’s popularity is beyond just the crypto market. It is a known project among the internet meme circle.
According to CoinGecko data, DOGE is currently the 9th largest crypto project with a market cap of $33.4 billion. DOGE has faced a steep correction over the last few days, following the market-wide correction. The original memecoin has dipped 5% in the daily charts, 4.5% in the weekly charts, and 12.4% over the previous month. Despite the dip, DOGE has gained 10.3% in the 14-day charts and 116% since August 2024.
DOGE may continue to dominate the memecoin charts over the coming months. There is a spot DOGE ETF under review at the SEC. While the chances of a memecoin ETF being approved are less, the application submission proves the bullishness among financial institutions. If the SEC approves a DOGE ETF, the asset may see a massive spike in institutional inflows. The development could lead to the asset climbing to a new all-time high. DOGE is currently down by nearly 70% from its all-time high of $0.7316.
Also Read: DOGE Eyes $0.70: Will Dogecoin’s Next Move Make You Rich?
There is also a lot of talk about DOGE being included in X’s payment feature. X’s owner, Elon Musk, is a very vocal supporter of DOGE. If X includes DOGE in its payment feature, the asset could experience a surge in mass adoption. Such a scenario could further propel DOGE to new heights.
Credit: Source link