Meme coins have been mostly responsible for the interest that has been generated in the digital currency ecosystem so far this year. Dogecoin (DOGE) has maintained its unchallenged position as the first meme coin in existence today, with its price currently trading at $0.07369, up 4% over the past week. With new competitors entering the market every day, doubts about its continued relevance in the sector must have been growing in the minds of many.
The most recent meme coin phenomena over the past several months have been PEPE, Milady Meme Coin (LADYS), and Floki. For example, the excitement around PEPE caused Crypto Twitter to lose interest in the token, pushing its value far higher than was first anticipated.
Older and more well-known meme currencies like Dogecoin and Shiba Inu have mostly been overshadowed by the recent wave of enthusiasm, and they scarcely qualify any more as “meme” coins. Investors, both retail and institutional, have noticeably switched their major emphasis to the younger tokens, while still preserving their relevance, in an effort to take advantage of their smaller market capitalization for larger returns in the future.
Dogecoin maintaining its grit
In spite of the terrible odds, Dogecoin has remained steady. Investors are not selling it to buy other meme currencies, despite the fact that money is not pouring into it as much as it is into its new rivals. This assertion may be supported by the fact that the virtual currency, which now has a market valuation of $10.2 billion, is the eighth-largest cryptocurrency.
PEPE may be advancing personally in the ongoing meme coin battle with the aid of its young community, but it is still a long way behind DOGE and SHIB at the moment. Despite the huge growth potential of these tokens, DOGE and SHIB are using their stability to carve out fresh competition for the more well-established cryptocurrencies.
