• Dogecoin has only seen a 5.56% rise in price over the past week, but still remains a dominant force in the world of memecoins.
• Shiba Inu is slowly gaining dominance, but still has a long way to go to reach the level of Dogecoin.
• Despite not buying or selling Bitcoin in two consecutive quarters, Tesla still only accepts Dogecoin for crypto payments, giving it real life utility.
Dogecoin, the original memecoin of the crypto industry, has been around for a while and is still a popular choice among investors. Despite seeing a 5.56% rise in the past week, according to CoinMarketCap, Dogecoin still has a long way to go in terms of price rises compared to other altcoins. Despite this, the token still dominates its peers in terms of market cap, with its current market cap of $11.3 billion.
Dogecoin also faces competition from Shiba Inu, which is slowly gaining dominance in the space, however it still has a long way to go to reach the level of Dogecoin. Shiba Inu has been distancing itself from its memecoin past with Shibarium around the corner, which may give it more of a competitive edge.
It is not only in the crypto industry that Dogecoin has a presence, but also in the real world. Tesla recently revealed that despite not buying or selling Bitcoin for two consecutive quarters, the company still only accepts Dogecoin as a form of payment. This gives the token real life utility, as well as a competitive edge.
Overall, Dogecoin remains a dominant force in the world of memecoins and has been for a long time. With external developments such as Tesla’s acceptance of the token and an upcoming wallet upgrade, Dogecoin is sure to be a popular choice among investors for a while to come.