At a time when the meme crypto tokens are making double-digit gains with the likes of Shiba Inu ($SHIB) and Floki Inu surging to new highs, Dogecoin ($DOGE), the OG meme currency seems to be missing out on the current bullish rally. $DOGE price has continued to consolidate under $0.30 despite the crypto market seeing a new surge in bullish momentum.
Many believe $DOGE has become too big to make a move like $SHIB at the moment. $DOGE registered an all-time high of $0.7376 in early May and since then it has continued to move downhill with minor bounce backs. It is currently 67% down from its ATH even when the rest of the crypto market has recovered a majority of its losses from the May market mayhem.
Dogecoin has failed to show any signs of bulls since May despite the rest of the crypto market going through a cycle of price rise-up and down from July-September. Even key announcements such as AMC Theaters adding $DOGE as a payment option and Elon Musk’s tweet have failed to ignite any form of bullish rally.
$SHIB Reaches $12 Billion Market Cap in 1/8th Time of $DOGE
Dogecoin’s price action remained inactive for the majority of its lifespan as it was indeed seen as a meme currency with no real value, however, the involvement of Elon Musk and his continuous Twitter pumping of the token made it a valuable investment for many new entrants. The majority of its market gain came in the first quarter of 2021. Shiba Inu seems to be following on a similar path has crossed $13 billion in market cap in just 14 months of existence whereas $DOGE took nearly 112 months to do so.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
It might take another Elon Musk endorsement for $DOGE to get on the bullish ways but till then $SHIB is carrying the Meme currency ecosystem.