The meme coin fight for dominance is raging on, with Dogecoin (DOGE), Pepe Coin (PEPE) and Shiba Inu (SHIB) in the spotlight. In more than one metric, these meme coins have tried to outshine one another, with the latest power play shifting to trading volume.
Dogecoin dominance, For how much longer?
Regarding market valuation, Dogecoin remains the reigning champion in the altcoin market. However, this dominance fluctuates in real time when metrics like daily trading volume are factored in. In the past 24 hours, PEPE has outshined the Dogecoin and Shiba Inu duo in trading volume.
While this metric has somewhat balanced out, the $365,850,522 volume commanded by PEPE exceeds the $135,592,145 from SHIB. As of writing, the DOGE trading volume is more than $488.4 million. At a point over the past 24 hours, PEPE commanded more trading volume than both DOGE and SHIB combined.
While this is just one signal, the tide is shifting considerably, as meme coin farmers are generally now tilted to tokens with more propensity to soar. Dogecoin is considered oversized compared to its counterparts.
This implies that it might see more capital drain out in the coming weeks, especially if some of its prices fall more from the current drawdown.
Fundamental power play
Recently, the Dogecoin Foundation released a trail map to show advancements in ecosystem development. While this update shows its developers are working behind the scenes, it still pales compared to the feat of Shiba Inu innovators.
This meme coin has launched a smart contract hub dubbed Shibarium, and many innovations are springing up to drive real-world utility. Though Dogecoin is advancing in this regard, its dominance as the most used meme coin is currently being threatened.
Despite the step up that PEPE showcased recently, it is yet to reveal other innovations to catch up with its counterparts. What this shows is that the meme coin world is dynamic but evolving at a very fast pace.