- Dogecoin is the ninth-largest cryptocurrency in the market and the largest meme coin.
- DOGE is up 58% in the past year while nearest competitor SHIB is up 55.76%.
- Meme coins PEPE, BONK, and WIF have outperformed DOGE and SHIB in the recent rally.
Dogecoin (DOGE), the world’s biggest meme coin followed by Shiba Inu (SHIB), is facing a downturn. Despite support from Elon Musk, its price is down 21% in the past 30 days, raising concerns about its future dominance in the meme coin market.
As per the data from CoinMarketCap, the market capitalization of Dogecoin stands at $14.58 billion, a far cry from its $73 billion peak. Further, the price of DOGE at the time of writing stands at $0.1001, down 86.43% from the all-time high of $0.7376 witnessed in May 2021. Notably, the meme coin is up 17825.21% from its initial debut price.
Over the past 24 hours, DOGE has seen a rollercoaster ride, swinging from a low of $0.1024 to a high of $0.1043 before settling back down. Notably, the ninth-largest cryptocurrency is down 2.30% for the day and 1.29% for the week. However, Dogecoin is up 58% since August 2023. On the other hand, its nearest competitor Shiba Inu, curren…
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Source: https://coinedition.com/dogecoins-dominance-fades-as-other-meme-coins-surge/