While Dogecoin retains its place as the ultimate meme despite competition from Shiba Inu, the exponential increase in meme coins is a problem for its founder in the crypto sphere. Indeed, all his tokens that appear daily are far from the joke DogeCoin, and they are only a speculation tool for their creator to get rich. Despite all these outsiders, Dogecoin is still the leader. But for how long? The Shiba Inu and other Dogelon Mars are eagerly waiting to take the elder’s place. The more technological advances in other blockchains are achieved, the more challenging the competition between these community-based tokens will be.
Dogecoin, the meme coin adored by Elon Musk
Founded in 2013, Dogecoin is a forefather in the crypto sphere. Long the only one in the meme coin field, DOGE was created to make fun of all the useless cryptocurrencies popping up. The idea was to make one more but claim it as its own. Unfortunately, this joke was too successful. After the bullish rally of Dogecoin in 2021 after a few tweets from Elon Musk declaring his love for this crypto-currency, the meme coins multiplied. It would be impossible to list them all, as their creation is almost daily. But Billy Markus, the co-founder of DOGE, hates this situation. His Twitter feed, which more than a million subscribers follow, is flooded with advertisements for one or another of his tokens. Billy Markus has a sort of overdose of his repeated spams.
In fact, for him, these meme coins “are made by people who are trying to get rich on the back of other people who are trying to get rich.” In his rebuke, Billy Markus targeted more particularly the NBB Smart Chain. This one is cluttered with all these useless meme coins. The ease of creating tokens has allowed an enormous number of projects to come out. But this has had counterparts that have tarnished the reputation of the NBB Smart Chain. Unlike all these meme coins, Dogecoin has its blockchain and therefore has not taken the easy way out despite.
The Dogecoin was followed by the Shiba Inu and other meme coins.
Among all its meme coins, the Shiba Inu is the one that is the most serious competitor to the DOGE. After its bullish rally, this DOGE killer even outperformed its master for a few days. Despite the relatively significant drop in its price, it does not remain far behind it. Unlike Dogecoin, Shiba Inu has a complete roadmap: NFT, dedicated DEX, move to a dedicated blockchain, DAO, metaverse. Shiba is going through all the fashions. But it seems to succeed. Its ability to renew itself encourages investors to position themselves on it.
Without mentioning the meme coins with fleeting fame like Santa Floki, which benefited from the Christmas spirit to boost its price, several other competitors could also make a push towards the first places. Thus the Dogelon Mars is at the door of the top 100 since it gave a part of its treasury to a humanitarian association. Finally, Floki Inu also benefits from a large community to support it.
What is the outlook for the DOGE price?
With all these elements, it is legitimate to wonder about the future of Dogecoin. Even if Billy Markus despises all of his meme coins, they could one day take the place of his creation. We can see that investors are not moving away from Dogecoin. Many altcoins have seen their prices drop by 3, or 4 times since November. Yet, DOGE has only suffered a 50% drop, and it has weathered the market panic remarkably well. If it did not benefit from last night’s rally as enormously as altcoins with a similar capitalization, it is because it has much less to make up for.
At $0.13, it is indeed far from its all-time high at $0.68. Its resistance zone is around 0.26/0.3 dollars. Therefore, we can expect its price to rise by at least 100% if a new uptrend takes hold. Paradoxically and despite the lack of technical appreciation, Dogecoin does not seem ready to give away its place at the top of the cryptocurrency rankings.
As the ancestor of all meme coins, Dogecoin doesn’t like all of its tokens that claim to be it’s own. Billy Markus is clear, and his joke has nothing to do with the scams or illusions associated with these meme tokens. Despite their regular assaults, especially those of the Shiba Inu, Dogecoin remains in its place. It has a few seniority bonuses that it is not about to lose.