Dogecoin (DOGE), once a beacon of memecoin success, had a rough 2024, ending the year as the worst-performing memecoin. This stark contrast to its former glory can be attributed to a significant decline in the influence of Elon Musk, whose once market-shaking tweets have become less effective. In contrast, younger competitors like Shiba Inu (SHIB) and Pepe Coin (PEPE) have overtaken Dogecoin.
Elon Musk’s tweets are losing their impact: Dogecoin’s modest gains reflect waning influence
Elon Musk, who once pushed Dogecoin to new heights with tweets like “Doge is the people’s cryptocurrency,” has seen his influence wane significantly. For example, his most recent tweet on August 20, 2024, in which he jokingly referred to himself as “on duty” as head of the fictional “Department of Government Efficiency” (emphasizing the acronym DOGE), caused only a modest price increase of 3.56%.
This reaction had nothing to do with the stock market hysteria that his tweets had triggered in previous years.
Even when Musk tweeted earlier this year that Dogecoin was a “DOGE-friendly place” on X, the market barely moved, showing how jaded investors have become to his recommendations.
Dogecoin stumbles as Shiba Inu and Pepe take off in 2024 memecoin battle
Shiba Inu and Pepe Coin have shown resilience and growth in 2024, outpacing Dogecoin. Shiba Inu’s price rose 81.26% this year, driven by its growing DeFi ecosystem and strong community support. The coin reached a price of $0.00001472 with a market cap of $8.68 billion.
Pepe Coin is the real star, having skyrocketed by 859.26% and currently has a price of $0.08569 and a market cap of $3.61 billion. This explosive growth reflects its innovative use in decentralized applications and a strong cultural connection within the memecoin community.
In contrast, Dogecoin, despite being the most well-known memecoin, has had great difficulty breaking through key resistance levels. While DOGE peaked at around $0.23 in early 2024, its performance has declined since then. For much of the year, the price fluctuated but generally stayed below the $0.15 mark. Currently, Dogecoin is trading at around $0.106, up 67.30% year-to-date, but it is struggling to regain the momentum of previous years.
Dogecoin’s problems: Rival memecoins and Musk’s waning influence threaten its dominance
Adding to Dogecoin’s woes is the rising popularity of Solana-based memecoins. These new entrants have attracted significant attention due to their fast transaction speeds and lower fees compared to the Dogecoin network. Memecoins such as Bonk (BONK) and Popcat (POPCAT) have gained significant traction, further diluting Dogecoin’s market share.
Dogecoin’s position as the leading memecoin is under serious threat. DOGE has long been stuck in a narrow price range and has struggled to break out without the regular boost from Elon Musk’s tweets. However, as Musk’s influence wanes, even his occasional endorsements cannot reignite the enthusiasm that once fueled Dogecoin’s meteoric rise.
