At the time of writing, with the emergence of new memes, dogcoin faces this challenge.The first mover advantage and the shift towards payment constitute the arsenal of dog coins
- At the time of writing, with the emergence of new memes, dogcoin faces this challenge.
- The first mover advantage and the shift towards payment constitute the arsenal of dog coins.
Will Dogecoin keep its crown in the next bull market? The hype for memes has surged in the past few days, but OG memes have received almost no attention. That's because newer memes such as PEPE have been grabbing the limelight.
During the last bull market, dog coins dominated the meme field. Its starting advantage is a huge advantage, at least contributing to its hype before ShibaInu poses a challenge.
Fast forward to now, other upcoming memecoins are enjoying their novelty hype. Therefore, it is important to analyze the current position and future development direction of Dogcoin.
Unfortunately, we don't have a crystal ball to look forward to. What we have is a set of facts and observations that may help measure expectations. For example, memes are mainly driven by initial hype. DOGE may have exhausted its hype, so other upcoming memecoins have received all the attention.
Dog coins still have some chips
Dogcoin also lacks special uses to drive organic utility. However, this takes us to another place where we may emphasize the advantages of DOGE. It has been trying to surpass its memecoin status and enter the payment field.
DOGE holders still insist on the possibility of Dogcoin becoming the official payment processor on Twitter. Despite significant capital outflows during the 2022 cryptocurrency winter, it managed to maintain a strong market value. At the time of writing, its market value was slightly above $11 billion.
Despite a significant decline, the fact that it still maintains such a huge market value confirms the power of Dogcoin's first mover advantage. Many investors still have confidence in tokens.
Looking back, the price trend of DOGE has always been in sync with top cryptocurrencies such as Bitcoin. This means that when other markets turn bullish, the likelihood of Bitcoin [BTC] recovering is still high.
As of the time of publication, the transaction price of DOGE was $0.079. The latest price trend indicates that sellers have been exhausted in the past five days after experiencing a significant pullback.
In terms of the demand for dog coins, the total number of holders has increased in the past 7 days. This confirms that traders are buying on dips. After falling to weekly lows earlier, the on chain trading volume also showed signs of recovery.
In short, Dogcoin is done well, but it can be done even better. The dynamics of the next bull market will definitely be different from the previous one. Competition is one of the main factors to consider.
On the other hand, there is still a lot of work to be done in the competition, and DOGE is trying to evolve.
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