Popularity of rival memecoins dampens Dogecoin’s annual growth
Dogecoin, one of the top-tier meme coins, is currently experiencing the lowest gains in yearly performance compared to its counterparts. Over the past month, Dogecoin has seen a decline of 12%, indicating a period of lackluster performance. Its year-long growth has only been a marginal 1%. Adding to its woes, the trading volume for Dogecoin has dropped by 45% in the last 24 hours, signaling a significant decrease in investor interest.
In contrast, other leading meme coins are faring better. Shiba Inu, for example, has seen a 2% increase over the past month and an overall growth of 3% in the past year. While these numbers may seem modest, they highlight a resilience that Dogecoin currently lacks.
Bonk, on the other hand, has had an exceptional year with an astonishing surge in value of 1,400%. In the past month alone, it has experienced a 24% increase. This remarkable trajectory showcases the potential for rapid gains in this volatile market segment.
Despite a slight dip today, PEPE has managed to show a commendable 9% increase since last week. Another innovative player in the meme coin space, CorgiAI, which combines memecoins with AI technology, has seen an impressive growth of 29% since last week.
Overall, it is evident that Dogecoin has not performed as well as its major competitors, possibly due to the rising popularity of other meme coins. However, it is important to note that Dogecoin still holds the position of the 11th largest token in the entire market.
