Shiba Inu (SHIB), in recent days, had overtaken the world’s most popular meme coin on the popularity scale. But now, Dogecoin has made a comeback and is up by 6.84% in the past 24-hours. It has gained nearly 15% in the past seven days. Dogecoin’s followers on the microblogging platform, Twitter, are more than three million users. And is now second to bitcoin, which has about 4.5 million followers. But DOGE is being closely followed by SHIB with 2.7 million followers.
Moreover, DOGE has the backing of billionaire Elon Musk. His Tesla is accepting the meme coin as a form of payment for merchandise and SpaceX is also accepting funds in the form of DOGE for its ambitious moon mission. However, analysts point out that the meme coin’s price stalled after it started crashing in May 2021. But it went on to outperform its fellow cryptocurrencies.
Dogecoin is ranked 11th in terms of its market capitalization. Despite its growing popularity, experts say that it is still not a particularly appealing network in terms of cost or efficiency. And there is its slow adoption. Only 2,000 merchants worldwide, including spot exchanges, accept DOGE as a form of payment. Experts also highlighted that in the past four years, dogecoin’s average daily transactions on the blockchain have been stagnant. If there was indeed greater adoption, there would be high activity on its blockchain.
But the market looks optimistic for the meme coin and it is likely to hit $1 this year.