Will DOGE Make a Comeback or will New Meme Coins Dominate? Find Out Now!
The post Will DOGE Make a Comeback or will New Meme Coins Dominate? Find Out Now! appeared on BitcoinEthereumNews.com.
Dogecoin was the first memecoin to go mainstream. In 2021, the project hit an all-time high of $0.09721 and attracted a huge social media following. Over the last two years, this audience has driven up Dogecoins price, posting memes on social media and spreading word of the memecoin. However, after a poor performance in 2023, experts believe a new memecoin could outperform Dogecoin. >>Buy Meme Moguls Today<< Dogecoin Struggles With An Uphill Battle Although still ranked the number one memecoin, Dogecoin has faced several struggles in 2023. Most notably, its inability to sustain any long term positive market momentum. The project has experienced several price surges in 2023, though has consistently crashed after hitting the $0.09721 threshold. This trend is now repeating itself in December. Since hitting $0.1 Dogecoins price has fallen by 2.93% and is trading at $0.09277. Another challenge Dogecoin is facing is fierce competition. Top competitor Shiba Inu has hit several milestones in 2023, introducing lucrative new projects like Shibarium, and increasing in value by 32% in December. Comparatively, Dogecoin has increased in value by 24% over the last month, and its ecosystem has experienced very little growth. The future of Dogecoin will ultimately depend on the project’s development. As of December 2023 Dogecoin’s price relies on social media hype and influencers such as Elon Musk, who has consistently driven up Dogecoin’s price over the last two years. To take control of its future, Dogecoin needs to build its ecosystem and offer more than just a memecoin. If the project fails to take action, experts predict that Dogecoin could lose its status as the number one memecoin as early as 2025. Could This New Memecoin Dominate The Market? In addition to other challenges, Dogecoin also faces fierce competition from new projects in the market. Projects like Meme…
Filed under: News - @ December 31, 2023 10:50 am