Dogecoin remains stuck near the $0.14 level while Shiba Inu is trying to settle below $0.00002.Dogecoin FX Empire
While Dogecoin has been under pressure in recent weeks, it managed to get back into the top-10 of cryptocurrencies by market cap and found itself on the 9th place thanks to the recent problems of LUNA.
Dogecoin Remains the World’s Leading Meme Coin
The performance of Dogecoin shows that some traders still believe in the potential of the meme coin market segment. In fact, Dogecoin managed to increase its lead over Shiba Inu, which remained under pressure as traders waited for Robinhood’s decision on its potential listing.
According to CoinMarketCap, Dogecoin has a market capitalization of $18.2 billion, while Shiba Inu’s market cap has declined to $11.3 billiion, putting the meme coin into the 15th place.
At some point, it looked that Shiba Inu was ready to defeat Dogecoin and become the world’s biggest dog coin. The first mover advantage is very important in crypto, and the world’s leading cryptocurrency highlights this thesis. There are more than 17,000 cryptocurrencies in the world, but Bitcoin accounts for roughly 43% of total crypto market cap.
What’s Next for Dogecoin?
Dogecoin will remain dependent on general crypto market performance in the near term. In case Bitcoin gets to new lows and tests the $30,000 level, Dogecoin will find itself under material pressure and may slip below the $0.10 level.
In the long term, the fate of Dogecoin will depend on whether meme coins will remain popular as an asset class. Trends change fast in the crypto world, and the status of the world’s leading meme coin may not be sufficient enough to provide support to Dogecoin in the future. In fact, Dogecoin reached its all-time highs back in May 2021 and has been moving lower for many months.
A position in the top-10 list increases Dogecoin’s visibility and highlights continued support from crypto enthusiasts, but the dog coin will certainly need more catalysts to have a chance to gain sustainable upside momentum