Dogecoin Holds the Lead in the Meme Coin Race
The status of Dogecoin (DOGE) as the leading meme coin has been reaffirmed by recent data, which shows that DOGE has a larger user base compared to other top meme coins like Shiba Inu (SHIB) and Pepe (PEPE). According to market intelligence platform IntoTheBlock, Dogecoin has 6.3 million holders, while SHIB has 1.3 million holders and PEPE has 170,000 holders. This demonstrates that DOGE is the most popular choice among meme coin investors, and the adoption rate of these tokens can have an impact on their prices.
It’s important to note that DOGE’s user base has been growing significantly even before the recent bullish trend in the crypto market. Last year, there were over 5 million addresses holding DOGE, as reported by Bitcoinist. The expansion of DOGE’s user base was also a topic of discussion earlier this year when more than 890,000 new DOGE wallets were added in just one week.
The number of people holding Dogecoin is particularly impressive considering predictions that a new meme coin could potentially surpass DOGE in popularity during this cycle. This highlights investors’ unwavering confidence in DOGE and their belief that the token could experience a similar surge to the one it had in 2021 when it reached an all-time high of $0.7376, representing a 26,000% increase.
While achieving a similar run to 2021 may be ambitious, Dogecoin has already rewarded investors with a year-to-date gain of over 90%. However, it still lags behind SHIB and PEPE in terms of YTD gains, with SHIB recording a gain of 212% and PEPE boasting an impressive 486% gain.
A Neck-and-Neck Race Between DOGE and SHIB
Both DOGE and SHIB are likely to remain the most valuable meme coins in terms of market capitalization. However, there is a possibility that SHIB could surpass DOGE and become the top meme coin in the future. Currently, both tokens are ranked ninth and tenth largest in terms of market cap, but SHIB has outperformed DOGE in 2021, making it more feasible for SHIB to take the lead.
Furthermore, SHIB is also gaining traction in terms of its user base. NewsBTC reported that the number of daily new addresses for SHIB increased by 20 times in March compared to its average in February. This indicates that the gap between the number of people holding Dogecoin and those holding SHIB could soon narrow down.
At the time of writing, DOGE is trading at around $0.17, experiencing a decline of over 3% in the last 24 hours according to data from CoinMarketCap.
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