The Dogecoin (DOGE) standing because the foremost meme coin has been strengthened by a latest growth, which exhibits that the crypto token nonetheless has an edge over different high meme cash like Shiba Inu (SHIB) and Pepe (PEPE).
Dogecoin Has Extra Customers Than Shiba Inu And PEPE
Per information from the market intelligence platform IntoTheBlock, Dogecoin has 6.3 million holders in comparison with SHIB’s 1.3 and PEPE’s 170,000 holders. This perception additional establishes DOGE as essentially the most most well-liked amongst all different meme cash. That is additionally important because the adoption stage of those crypto tokens might affect their costs.
It’s price mentioning that DOGE’s holders had grown considerably even lengthy earlier than the bullish momentum within the crypto market picked up. Final yr, Bitcoinist reported that the variety of addresses holding DOGE had elevated to over 5 million. Moreover, DOGE’s enlargement was a speaking level earlier within the yr when greater than 890,000 new DOGE wallets have been added in a single week.
The variety of individuals holding the foremost meme coin is extra spectacular when contemplating predictions of a brand new meme coin presumably toppling DOGE on this cycle. This underscores traders’ unwavering bullishness in DOGE and a perception that the crypto token might make a run just like the one it did in 2021 when it surged by 26,000% to hit an all-time excessive of $0.7376
Though an identical run just like the one in 2021 seems to be very formidable, the meme coin is already repaying traders’ religion in it, boasting a year-to-date (YTD) acquire of over 90%. Nevertheless, Dogecoin nonetheless has some catching as much as do as SHIB and PEPE have outperformed it on this regard, with a YTD acquire of 212% and 486%, respectively.
The Two-Horse Race Between DOGE And SHIB
DOGE and SHIB will probably retain their crown as essentially the most useful meme cash by market cap. Nevertheless, with each tokens presently ranked because the ninth and tenth largest crypto tokens, SHIB might, sooner or later, flip DOGE to grow to be essentially the most useful meme coin. Furthermore, SHIB has to this point outperformed DOGE in 2024, making this extra possible.
In the meantime, SHIB is making a run of its personal relating to the variety of addresses holding the meme coin. NewsBTC lately reported that the meme coin had seen a 20 instances improve in March from its February common of every day new addresses. Subsequently, the hole between the variety of individuals holding Dogecoin and people holding SHIB might quickly be diminished.
On the time of writing, DOGE is buying and selling at round $0.17, down over 3% within the final 24 hours, in line with information from CoinMarketCap.
