The dormancy of the dogecoin price doesn’t mean it’s losing the meme coin battle.
Despite the impressive upward trend imprinted by a host of digital currencies today, the world’s first meme currency has remained more or less a spectator. The price of Dogecoin (DOGE) has not moved since the uptrend set last week while the is down 1.89%. at the time of writing at $0.08852, according to data from CoinMarketCap.
While Dogecoin is still up 8.46% so far this week, the outlook for its ecosystem activity is not impressive at the moment. The protocol, which uses the proof-of-work (PoW) consensus mechanism, has not shared any major utility or protocol growth for some time now, a major source of concern for major holders.
Despite its lack of action, data on the blockchain shows that the number of active Dogecoin addresses is higher today than any other day last week.
Image Source: CoinMarketCap
With more addresses making their way in, one wonders if there is a subtle coordinated plan in place to buy the token in the medium to long term. Dogecoin’s dormancy in terms of its price action is also antagonistic to the growth in trading volume, which has climbed 34.20% in the past 24 hours.
Whether or not anything is brewing, Dogecoin is keeping an eye on it for the week.
Is Dogecoin winning the battle of the meme currencies?
At the moment, we can say that Dogecoin is leading other competing meme currencies, including Shiba Inu (SHIB), Floki Inu (FLOKI) and Bonk (BONK), among others, in terms of market capitalization.
Furthermore, Shiba Inu has proven to be a more exciting token than Dogecoin, as it has carved out a utility that goes beyond absolute reliance on Elon Musk’s tweets for growth. Dogecoin is still the legacy meme currency, but in the long run, Shiba Inu could give it a run for its money, especially with the upcoming Shibarium.