• Dogecoin, the internet’s beloved memecoin, has been popular since 2013 and has seen celebrity endorsements from Elon Musk and other figures.
• A surge in memecoin hype has seen newer coins like PEPE steal the spotlight away from Dogecoin.
• Despite this, Dogecoin’s on-chain volumes have started to rejuvenate, signalling that traders may still have faith in its long-term potential.
Dogecoin: King of Memecoins?
Dogecoin is a digital currency that was created in 2013 with a quirky dog logo and humorous backstory. It quickly gained popularity among millions of people around the world due to celebrity endorsements such as Elon Musk. However, as cryptocurrencies continue to evolve, Dogecoin’s status as the king of memecoins is being threatened by the emergence of new competitors.
Newer Memecoins Taking Over Market
Memecoins are digital currencies based on popular memes and internet trends which have recently taken over the market by storm. While Dogecoin has traditionally been at the top of these coins, newer ones like PEPE have started to gain attention on social media and their values are skyrocketing. As a result, Dogecoin’s price remains relatively low compared to its competitors despite recent modest rallies.
Traders Buying The Dip
Despite this setback for Dogecoin, there are signs that traders may still believe in its long-term potential as evidenced by an increase in holders buying the dip recently. On-chain volumes which had previously dropped to weekly lows have also started showing signs of rejuvenation nonetheless.
What Will Become Of Dogecoin?
The question remains whether or not these developments will be enough for Dogecoin to remain at the top when it comes to memecoins or if it will become overshadowed by newer coins such as PEPE. Only time will tell what will become of this beloved cryptocurrency but its future certainly looks uncertain right now given all that is happening in the industry today.
Overall, while Dogecoin’s status as king of memecoins appears under threat from new competitors taking over the market, there still appear to be positive signs when it comes to on-chain volumes suggesting that traders still believe it has long-term potential despite recent setbacks – only time will tell what becomes of this beloved coin!