Due to the excitement around the most well-known projects currently, the meme coin ecosystem is a highly significant branch of the cryptocurrency ecosystem. Dogecoin is still leading the pack among the multitude of meme tokens available today, but the cryptocurrency may be trailing as the underdog in the meme coin race based on recent patterns and on-chain statistics.
Comparing Dogecoin to its two main competitors, Shiba Inu (SHIB) and Pepe coin (PEPE), reveals that the leading currency has both general strengths and drawbacks. Dogecoin is the biggest meme coin in the world as of the time of writing, with a market value of $8.77 billion and a price of $0.06233 per unit.
Shiba Inu is another meme token with a significant market valuation that is now estimated to be $4.67 billion. Contrarily, PEPE is only valued $342.46 million. Despite these wide-ranging price and value swings, SHIB and PEPE were the subject of greater hype at this time, which sparked widespread interest in whales.
When compared to its two competitors today, Dogecoin transaction activities and social sentiment are likewise substantially lower.
Ecosystem expansion mandate
While PEPE hasn’t developed to the point where it can claim to be in any way superior to Dogecoin, Shiba Inu has the right to brag thanks to the creation of its Layer 2 Ethereum network, Shibarium. Shiba Inu is the first meme coin project to significantly veer away from being labelled as merely a fun token because to the Shibarium protocol.
Dogecoin depends a lot on people using it as a payment token, however because to the existence of more well-known cryptocurrencies serving in this capacity, the growth of its ecosystem via this route has been somewhat modest.
The cryptocurrency is still a force to be reckoned with, and because to Elon Musk’s influence over it, its future holds more promise than we can now perceive.
