Dogecoin (DOGE) is losing the social media momentum which reached new heights ahead of April 20 "Doge Day." If the trend were to continue and DOGE falls out of favor as a pump target, can another cryptocurrency emerge to take its place?
The DOGE Pump: DOGE has enjoyed a spectacular rise. The joke cryptocurrency has skyrocketed 5,789.64% since the year began.
See Also: How to Buy Dogecoin (DOGE)
At the beginning of the year, its market cap was $726.32 million, which has shot up to $37.24 billion, as of press time.
The largest cryptocurrency by market cap, Bitcoin (BTC), has gained 86.01% since the beginning of 2021. At press time, BTC traded 1.39% lower at $54,863.72.
In terms of why DOGE shot up, and why BTC and even Ethereum (ETH) didn’t, the distinguishing factor is the social dividend that DOGE enjoys. The cryptocurrency is also often tweeted about by Tesla Inc TSLA CEO Elon Musk and other celebrities like Snoop Dogg and Mark Cuban.
Downward DOGE: Yet, DOGE seems to be on a downwards course. The cryptocurrency hit its all-time high of $0.44 on Apr 16 and has fallen 34.16% since then.
According to trends released by Alphabet Inc GOOG GOOGL subsidiary Google, the Shiba Inu-themed coin is losing the interest of Americans.
This loss of popularity follows euphoria that was well in place before the so-called Doge Day, which turned out to be a damp squib in terms of price movements.
Pups Growing Up: Cryptocurrencies with small market caps and low prices have been surging in the recent past.
The falling dominance of BTC has ushered in what some are calling the alt-season. At press time BTC dominance was 50.1%. At the beginning of last month, BTC dominance was above 80%.
There are multiple low-priced coins that could become potential pump targets. Tron (TRX), BitTorrent (BTT), Shiba Inu (SHIB), and SafeMoon (SAFEMOON) are just some of the plausible candidates.
All these cryptocurrencies have enjoyed their moment in the social media sun at different times in the recent past and have key factors to becoming pump targets going for them — an ardent fan-following coupled with low price points.
TRX traded 5.97% lower at $0.123 at press time, while BTT was lower by 5.22% at $0.007534, SHIB was down 45.92% at $0.00000146, and SAFEMOON was lower by 47.80% at $0.00000582.
Supreme Meme Value: There is also a question of reliability and familiarity. Post-Doge Day several Decentralized Finance or DeFi cryptocurrencies, which are DOGE look-alikes, benefitted from the extended frenzy. These include SHIB and Weed Doge (WOGE) on the Uniswap (UNI) blockchain.
PooCoin (POOCOIN), another meme-themed DeFi cryptocurrency, too hit an all-time high of $5.17 on Wednesday.
POOCOIN traded 2.8% lower on a 24-hour basis at $4.11 at press time, according to CoinGecko data.
The rise in the value of these meme-themed coins is a reminder that pump targets’ cute factor cannot be discounted.
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