The Dogecoin (DOGE) status as the foremost meme coin has been strengthened by a recent development, which shows that the crypto token still has an edge over other top meme coins like Shiba Inu (SHIB) and Pepe (PEPE).
Dogecoin Has More Users Than Shiba Inu And PEPE Per data from the market intelligence platform IntoTheBlock, Dogecoin has 6.3 million holders compared to SHIB’s 1.3 and PEPE’s 170,000 holders. This insight further establishes DOGE as the most preferred among all other meme coins. This is also significant as the adoption level of these crypto tokens could influence their prices.
It is worth mentioning that DOGE’s holders had grown significantly even long before the bullish momentum in the crypto market picked up. Last year, Bitcoinist reported that the number of addresses holding DOGE had increased to over 5 million. Furthermore, DOGE’s expansion was a talking point earlier in the year when more than 890,000 new DOGE wallets were added in a single week.
The number of persons holding the foremost meme coin is more impressive when considering predictions of a new meme coin possibly toppling DOGE in this cycle. This underscores investors’ unwavering bullishness in DOGE and a belief that the crypto token could make a run similar to the one it did in 2021 when it surged by 26,000% to hit an all-time high of $0.7376
Although a similar run like the one in 2021 looks very ambitious, the meme coin is already repaying investors’ faith in it, boasting a year-to-date (YTD) gain of over 90%. However, Dogecoin still has some catching up to do as SHIB and PEPE have outperformed it in this regard, with a YTD gain of 212% and 486%, respectively.
The Two-Horse Race Between DOGE And SHIB DOGE and SHIB will likely retain their crown as the most valuable meme coins by market cap. However, with both tokens currently ranked as the ninth and tenth largest crypto tokens, SHIB could, at some point, flip DOGE to become the most valuable meme coin. Moreover, SHIB has so far outperformed DOGE in 2024, making this more feasible.
Meanwhile, SHIB is making a run of its own regarding the number of addresses holding the meme coin. NewsBTC recently reported that the meme coin had seen a 20 times increase in March from its February average of daily new addresses. Therefore, the gap between the number of persons holding Dogecoin and those holding SHIB could soon be reduced.
At the time of writing, DOGE is trading at around $0.17, down over 3% in the last 24 hours, according to data from CoinMarketCap.
DOGE price recovers to $0.17 | Source: DOGEUSDT on Tradingview.com Featured image from Analytics Insight, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.