Dogecoin remains the king of all memecoins as analysts expect DOGE to resume its bull run
- Shiba Inu coin struggles to maintain its position as the 15th largest cryptocurrency by market capitalization.
- Analysts expect the DOGE price to hit $0.48 before the end of 2021 in the current bull run.
- Proponents await the launch of Robinhood's DOGE wallets, so Dogecoin can be spent at 600,000 stores boosting its utility.
Dogecoin spin-offs fail to beat the memecoin. Analysts expect DOGE to recover from the drop as 70% of wallet addresses holding DOGE are profitable.
Dogecoin set to make a comeback as king of memecoins
Leading memecoin DOGE has a market capitalization of $32.4 billion and ranks in the top 10 cryptocurrencies on CoinGecko. While several Dogecoin spin-offs hit cryptocurrency exchanges, they have failed to dethrone DOGE in on-chain activity and market cap.
Interestingly, Vitalik Buterin, the creator of Ethereum, sold $1.8 million in dog-themed cryptocurrencies. Buterin is on the board of advisors of the Dogecoin Foundation, and the Ethereum creator did not sell DOGE or SHIB in his latest activity on decentralized exchanges.
Though Shiba Inu set out to dethrone DOGE and is widely popular as the "Dogecoin-killer," SHIB price recently plunged, and the token is struggling to maintain its position in the top 15 cryptocurrencies.
Dogecoin holders are waiting for Robinhood to launch the memecoin's wallets. DOGE proponent and trader @TDogewhisperer believes that the wallet launch will boost the memecoin's utility.
In just a few weeks the landscape for #dogecoin will completely change
— Doge Whisperer (@TDogewhisperer) October 20, 2021
Robinhood will release wallets. You’ll be able to spend $doge at 600K+ stores that use Verifone credit card terminals. This includes brands like Dunkin, Foot Locker, McDonalds, Taco Bell, Macy’s & many more https://t.co/1xYS5xTj89
A cryptocurrency analyst and YouTuber, Alen has set a bullish target of $0.48 for the memecoin. Alen states:
I am still sticking with my prediction for Dogecoin $0.48 by the end of the year, and I still think we have a very good chance of getting 5,000 to 10,000 for Ethereum.
Pseudonymous cryptocurrency analyst @CryptoWarrior01 has a bullish outlook on DOGE price.
Hourly $doge showing S/R flip and respect of TL.
— RNB (Crypto Warrior) (@CryptoWarrior01) October 19, 2021
Would like confidence back over .25, but doesnt look too bad over .235 pic.twitter.com/mfQnnUYX8l
FXStreet analysts have evaluated DOGE price and predicted that the memecoin's network activity suggests that a massive breakout is underway.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
