Dogecoin faced this challenge when new memecoins appeared. First-mover advantage and a shift towards payments make up Dogecoin’s arsenal.
Will Dogecoin keep its crown during the next big bull run? There has been an increase in memecoin hype in recent days, but OG memecoins barely received any attention. This is because newer memecoins like PEPE have been grabbing the spotlight.
Dogecoin enjoyed dominance in the memecoin segment during the last bull run. His first-mover advantage was a huge advantage that added to his enthusiasm at least until the Shiba Inu arrived to offer a challenge.
Unfortunately, there is no such thing as a crystal ball to look into the future. What is available is a set of facts and observations that can help gauge expectations. For example, memecoins are mostly driven by initial hype. DOGE may have already run out of hype, so other upcoming memecoins are enjoying all the attention.
Dogecoin Still Has Some Chips on Its Side
Dogecoin also lacks a special use for boosting organic utility. However, this brings us to another point that can underline DOGE’s strengths. It has been trying to expand beyond its memecoin status and into payments.
@The DogeCard has tweeted the following:
“Attention all DOGEARMY! Help us convince Starbucks to accept Dogecoin! It’s time to show them what we’re made of. And don’t forget you can get 3% back in doge rewards if you use your DogeCard at Starbucks.”
DOGE holders are still clinging to the possibility of Dogecoin becoming the official payment processor for Twitter. It has also managed to maintain a strong market capitalization, despite strong outflows during the crypto winter of 2022. Its market capitalization was slightly above $11 billion at the moment.
The fact that it has retained such a large market cap, despite a massive pullback, confirmed the power of the Dogecoin advantage. There are many investors who still show interest in the coin.
In hindsight, DOGE’s price action has moved alongside major cryptocurrencies such as Bitcoin. This meant that there was still a significant chance that Bitcoin [BTC] will rally when the rest of the market turns bullish.
When it comes to Dogecoin demand, the total number of holders witnessed an increase in the past seven days. This confirmed that traders are buying the dip. On-chain volumes also showed signs of rejuvenation after previously falling to a weekly low.
To Conclude…
According to CryptoPredictions’ website, DOGE price for today (28.04.2023) is forecast to be in the price range of $0.068364930452182 – $0.10053666242968. Dogecoin price is forecast to end today at $0.080429329943743.
At the moment of writing, the Price of Dogecoin with the Market Cap of Bitcoin was $4.090 (49.01x).
Dogecoin is doing well but could do better. The dynamics of the next big bull run will certainly be different than the last.
Competition is one of the main factors to consider; it also has a lot to do and DOGE is trying to evolve.
By Audy Castaneda
