TopCryptoNews
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🟠 Bitcoin and Ethereum Hit New Highs - Why Not Dogecoin?
Digital asset markets last year rallied following the approval of Bitcoin ETFs and U.S. President Donald Trump's victory, with the top 10 biggest cryptocurrencies by market cap all hitting new highs in the last 12 months.
🔸 Dogecoin has been the one exception.
While large-cap coins like Bitcoin, Solana, BNB, and XRP have all broken fresh records, Elon Musk's favorite meme coin, DOGE, is still priced more than 70% below its 2021 all-time high mark of $0.73.
Shows that DOGE was recently priced at a little over $0.21. The coin saw a rebound last fall as Musk joined President Trump on the campaign trail, and continued rising after Trump won the election. But it peaked at about $0.48 in December, and hasn't been seen above the $0.40 mark since January.
What's going on? If meme coins trade on vibes and goodwill, and the crypto industry has been broadly inundated with positive news in recent months, then why isn't DOGE flying high again?
"Dogecoin runs on vibes, and the vibes haven't reached 2021 mania levels yet," Douglas Colkitt, founder of Ambient Finance and founding contributor of Fogo. "Unlike Bitcoin or ETH, there's no structural demand driver. It doesn't have staking yields, it doesn't anchor DeFi collateral.. it's literally just a meme with a strong community behind it."
According to Grayscale Head of Research Zach Pandl, investors are currently most interested in digital assets that have actual utility. Meme coins famously lack that.
"There is nothing wrong with meme coins and other digital collectables, and they will always be part of crypto markets," Pandl. "But the institutional investors moving into crypto are looking for real-world use cases and focused on revenue-generating projects."
Bitcoin has largely been sold as a long-term store-of-value asset, while Ethereum's network, investors believe, is useful for applications such as stablecoins - digital tokens pegged to the value of the dollar that everyone from JP Morgan to Meta want to issue.
#BTC #Bitcoin
Digital asset markets last year rallied following the approval of Bitcoin ETFs and U.S. President Donald Trump's victory, with the top 10 biggest cryptocurrencies by market cap all hitting new highs in the last 12 months.
🔸 Dogecoin has been the one exception.
While large-cap coins like Bitcoin, Solana, BNB, and XRP have all broken fresh records, Elon Musk's favorite meme coin, DOGE, is still priced more than 70% below its 2021 all-time high mark of $0.73.
Shows that DOGE was recently priced at a little over $0.21. The coin saw a rebound last fall as Musk joined President Trump on the campaign trail, and continued rising after Trump won the election. But it peaked at about $0.48 in December, and hasn't been seen above the $0.40 mark since January.
What's going on? If meme coins trade on vibes and goodwill, and the crypto industry has been broadly inundated with positive news in recent months, then why isn't DOGE flying high again?
"Dogecoin runs on vibes, and the vibes haven't reached 2021 mania levels yet," Douglas Colkitt, founder of Ambient Finance and founding contributor of Fogo. "Unlike Bitcoin or ETH, there's no structural demand driver. It doesn't have staking yields, it doesn't anchor DeFi collateral.. it's literally just a meme with a strong community behind it."
According to Grayscale Head of Research Zach Pandl, investors are currently most interested in digital assets that have actual utility. Meme coins famously lack that.
"There is nothing wrong with meme coins and other digital collectables, and they will always be part of crypto markets," Pandl. "But the institutional investors moving into crypto are looking for real-world use cases and focused on revenue-generating projects."
Bitcoin has largely been sold as a long-term store-of-value asset, while Ethereum's network, investors believe, is useful for applications such as stablecoins - digital tokens pegged to the value of the dollar that everyone from JP Morgan to Meta want to issue.
#BTC #Bitcoin
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
DOGE
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