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.
- This Crypto Winter Suite Could Help Investors In Bear Market
- Terra USTC Price Skyrockets By 75%; Will It Recover More?
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Expert Sees Fed Reversing Interest Rate Hikes, How Will It Affect Crypto?
- New Bullish Cycle Likely After Bitcoin Reaches This Level, Stats Show
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000