Dogecoin, the unique memecoin of the crypto trade, has not seen a monumental rise in value not like different altcoins of late. According to CoinMarketCap, DOGE has solely risen 5.56% previously week with its largest good points seen within the month-to-month time-frame.
At its present market cap of $11.3 billion, the token is surpassed by different altcoins by way of progress. However, DOGE nonetheless stays a dominant force on the earth of memecoins because it has been for a very long time.
DOGE Compared To Other Memecoins
Compared to its friends, Dogecoin is nonetheless a well-liked selection for traders within the crypto trade. In phrases of market cap, the token dominates SHIB by a wider margin. Even with Shiba Inu disrupting DOGE’s dominance, it nonetheless has a good distance to go for SHIB to be stage with DOGE.
However, Shiba Inu has been distancing itself from its memecoin previous. With Shibarium across the nook, we’d see SHIB acquire extra dominance in house. Since final 12 months, Dogecoin has been silent within the growth house with the one spike in exercise being the October 2022 upgrade of the token’s pockets.
But exterior developments nonetheless favor DOGE. According to current information about Tesla’s financials, the corporate has not purchased or bought Bitcoin for 2 consecutive quarters. Despite this, the corporate nonetheless solely accepts DOGE for crypto funds. This provides DOGE some actual life utility as a type of fee.
However, with the electrical automobile trade going through a harder time proper now, we’d see DOGE carry out poorly in contrast to different memecoins, or altcoins in that matter, within the foreseeable future.
Sideways Movement Continues For DOGE
As the time of writing, the value motion of DOGE has stagnated and began to oscillate above and under $0.08. Analysts are bullish in regards to the coin’s quick to medium time period progress with the goal set at $0.118.
$DOGE in case we get a breakout of the present deal with, this Cup & Handle sample is what I search for.
Target can be round $ 0.118 – 0.115
That can be a 30% transfer after breakout for #doge
Many alts have related c&h buildings given#Dogecoin #dogeusd #dogeusdt #altcoin pic.twitter.com/cbC60o8D3A
— Trading Joker (@TradingJoker) January 20, 2023
However, Dogecoin bulls ought to decrease their expectations as the last few weeks reveals. DOGE, even with sturdy correlation with Bitcoin and Ethereum, solely grew by 11% which is comparably lower than different altcoins who are within the high 100 record.
Crypto complete market cap at $997 billion on the each day chart | Chart: TradingView.com
Now that Bitcoin and Ethereum have hit their respective value ceilings, Dogecoin may have a more durable time to rally in value within the medium to long run. Short time period, we’d see DOGE bulls break the impasse and acquire floor above $0.093.
But warning ought to be exercised because the stagnant nature of the present value motion is also the beginning of a powerful bearish market motion.
-Featured picture by Money
