HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Elon Musk-Backed Dogecoin Spearheads $30 Billion Meme-Coin Market

Altcoins 2021/07/13 16:21 by David Kariuki
Grayscale CEO Barry Silbert Says Dogecoin Is Dramatically Overvalued

Dogecoin, which shocked many after attaining a market capitalization of over $50 billion equaling with Barclays Bank, is still maintaining its position as a pilot to many other meme coins which together have a market capitalization of over $31 billion according to CoinMarketCap data.

With a market valuation of over $26 billion, DOGE holds a whopping 84% of the meme coins market cap share. Most of this feat was attained since April, prior to which Dogecoin had only $15 billion in market capitalization. There are a variety of reasons why Doge may not be your ordinary joke coin.

DOGEUSD Chart By TradingView

First, it has been resilient since it was launched in 2013. Despite opponents thinking that only a coin with a “better” use case would survive the cryptocurrency market, Dogecoin has proven otherwise.  

Second, Dogecoin has been so responsive to tweets from the self-professed Dogefather Elon Musk. Most of the pumps have been coming from Musk’s support since his jumping on the train in April with a ‘Going to the Moon very soon’ tweet about Dogecoin.

Also, his fight seems sustained since ditching Bitcoin and referring to it as very energy-intensive crypto, although it is known that Tesla hasn’t sold all of its Bitcoin holdings. He recently alluded to the fact that Dogecoin would upgrade to compete with Bitcoin and Ethereum in terms of the number of transactions per second it can support on its blockchain. That may give it a little bit of better use cases to show off, away from the jokes.

These reasons explain why Doge is bound to not only lead the meme coin market but also compete with dominant others – although many people feel that Dogecoin trying to compete with Bitcoin and Ethereum is more of a joke than a reality.

Shiba Inu and SafeMoon are the closest competitors to Dogecoin as meme coins, with a market capitalization of $3 billion and $1.6 billion, respectively. None of these two can be found on the overall top 30 list of largest coins. Yet Dogecoin is number 7. Additionally, the two competitors to Doge are relatively new, having been created only last year in August for Shiba and in May this year for SafeMoon.

Although Shiba Inu was thought of as a potential and indeed markets itself as a Dogecoin killer, it is yet to prove that point. The crypto is named after the dog breed. Immediately after launching, the total value of coins locked in the blockchain reached $1 billion in just one day. Its supporters are waiting for the launch of the ShibaSwap exchange on July 20, but that may never propel the crypto to the levels it was in April.

SafeMoon, which is modeled after the well-known crypto slogan “To The Moon” quickly gained over one million holders, but its price has been struggling. It first shot 20,000% in April and back to earth. Indeed, it has lost more value than several of the coins in the top 30 list – 75% from its April all-time high of $0.00001399.

0 Like(s)



You should also read...

Altcoins 09/03/21 21:00 by Tony Spilotro
Why Litecoin Is The Next Crypto To “Teleport” Like Dogecoin
Litecoin was among the top performers of the last bull market, but during this market cycle the cryptocurrency that once led altcoin seasons, is now lagging far behind. However, according to one crypt...
Read More
Altcoins 15/05/21 14:04 by Collins K.O
The Real Reason Why Vitalik Buterin Dumped Dogecoin’s Canine Rival – Shiba Inu
Much he was given and much he gave. Vitalik Buterin, the latest and youngest crypto billionaire, recently swept clean his public wallet containing trillions of Shiba Inu (SHIB) coins, dealing a nasce...
Read More
Altcoins 16/06/21 01:59 by Anifowoshe Ibrahim
Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars
The price of the shiba inu cryptocurrency rose on Tuesday after Coinbase revealed that the meme cryptocurrency would begin trading on Coinbase Pro this week. Coinbase To Trade Shiba Inu Coinbase annou...
Read More
Altcoins 26/06/21 01:00 by Best Owie
Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?
Elon Musk has seemingly left behind the Dogecoin for a shiny new dog coin; Shiba Inu. Shiba Inu is a dog breed. More specifically, the dog that is used in the Dogecoin memes is a Shiba Inu. Given the ...
Read More
Altcoins 09/07/21 19:00 by Olivia Brooke
Dogecoin, Shiba Inu, SafeMoon: A Glimpse Into The Future Of Meme-Based Coins
Memecoins have made a name for themselves in the cryptocurrency market over the years. These assets are known for their meteoric rise to the top, after gaining popularity over a period of time, usual...
Read More