Dogecoin’s Dominance Fades as Other Meme Coins Surge

Dogecoin (DOGE), the world’s biggest meme coin followed by Shiba Inu (SHIB), is facing a downturn. Despite support from Elon Musk, its price is down 21% in the past 30 days, raising concerns about its future dominance in the meme coin market.

As per the data from CoinMarketCap, the market capitalization of Dogecoin stands at $14.58 billion, a far cry from its $73 billion peak. Further, the price of DOGE at the time of writing stands at $0.1001, down 86.43% from the all-time high of $0.7376 witnessed in May 2021. Notably, the meme coin is up 17825.21% from its initial debut price.

Over the past 24 hours, DOGE has seen a rollercoaster ride, swinging from a low of $0.1024 to a high of $0.1043 before settling back down. Notably, the ninth-largest cryptocurrency is down 2.30% for the day and 1.29% for the week. However, Dogecoin is up 58% since August 2023. On the other hand, its nearest competitor Shiba Inu, currently the thirteenth-largest cryptocurrency by market cap, is up 55.76% in the same period.

However, other meme coins like Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) have outperformed DOGE and SHIB during the recent market rally, as investors wonder if Dogecoin and Shiba Inu have the potential for another rally. PEPE is up 569.58% in the past year, while WIF and BONK are up 713.92% and 6418.80% in the same duration, as per CoinMarketCap data.

On the other hand, the Dogecoin technicals are showing that the meme coin will continue a sluggish path until renewed interest from enthusiasts. Despite support from Tesla founder and billionaire Elon Musk, DOGE has shown underwhelming performance.

The Accumulation/Distribution line shows that the accumulation of DOGE has gone down and currently, the investors in the token continue to hold and are not much bullish on the meme coin’s price action. Further, the Relative Strength Index (RSI) shows that the bears are currently in charge of the Dogecoin price action with a value of 40.71.