In the crypto space, Dogecoin is often referred to as the meme coin king, being the initiator and all-time leader of this particular and peculiar crypto category. Much like Bitcoin, Dogecoin (DOGE) is the first of its kind and that’s partly the reason why it’s been towering over the rest of the tokens in its class for years.
However, being the original meme token doesn’t guarantee interminable supremacy, just like Bitcoin’s first-mover advantage doesn’t promise everlasting leadership of the crypto market. DOGE was launched in 2013, and it’s been a while since the meme coin storm unleashed its force upon the cryptocurrency industry, causing many investors to reassess their objectives and strategies. During this period, a considerable number of meme coins have emerged – some more successful than others.
This influx of new meme tokens and Dogecoin’s dwindling performance in recent months are making people wonder whether the long-standing ruler or this animated crypto subset is still in pole position or if it’s been dethroned by one of its many successors.
The Metrics
The simplest way to determine Dogecoin’s current standing and authority level, or lack thereof, is to take a look at its price, market cap and other relevant metrics that offer a clear image of its recent evolution. In terms of value, the token was trading at $0.159785, at the time of writing, and had a market cap of $23.79B. This puts Dogecoin in the ninth place among all digital currencies and makes it the most valuable of all meme coins.
By comparison, Shiba Inu (SHIB), the second-largest meme coin after Dogecoin, was priced at $0.000012, according to the latest data, with a market cap of $7.04B. Therefore, SHIB occupies the 17th position in the crypto hierarchy, much lower than its meme coin predecessor.
However, even though Dogecoin is still doing better than its meme coin peers, the asset has been clearly underperforming lately. Statistics show that the Dogecoin price dropped by 8% in the last 30 days and by a significant 40% over the past two months. Year-to-date (YTD) losses amount to approximately 49%.
Most crypto experts agree that the slump was most likely caused by the bearish pressure that has engulfed the entire crypto market lately, so this decline is not particular to Dogecoin. Nevertheless, given that Dogecoin lacks the strong fundamentals and use cases that more established cryptocurrencies that aren’t meme coins boast, it tends to be more susceptible to acute price fluctuations.
Newer Doesn’t Always Mean Better
With all the developments and constant turmoil in the crypto industry, one might get the impression that promising crypto projects are being rolled out all the time. However, the truth is that successful cryptocurrencies are far and few between as most coins don’t offer anything of value and many never even make it into the public eye.
This is especially true in the case of meme coins, since they are known for their superficiality and lack of significant utility. Dogecoin may have given rise to a whole slew of meme coins inspired by its success, but that doesn’t mean that any of these projects were particularly promising or had the potential to overcome their forerunner.
The Trump meme coin offers the best example in this respect. The $TRUMP token experienced a significant surge shortly after its launch in January 2025, reaching a market cap of over $27 billion at one point. However, when the hype around the coin’s launch died down, $TRUMP saw a sharp decline, falling behind the likes of Siba Inu and Pepe in terms of market cap.
This proves that for all the newness and excitement they bring to the market, most meme coins aren’t strong enough to achieve sustained growth, let alone dethrone the meme coin leader.
The Dogecoin Advantage
We’ve already established that Dogecoin has been favorizes by its status as the OG meme coin. No matter how many other meme coins will emerge in the future, Doge will always be the first asset to come to mind when meme coins are mentioned.
However, being a household name is not the only thing that’s been keeping DOGE in the lead for so many years. Other factors have contributed to Dogecoin’s rise and ensured its long-term success. First of all, Dogecoin’s creators knew how to leverage internet culture and humor to create a simple, lighthearted and relatable digital asset that lowered barriers to entry in the crypto space.
Dogecoin has also been the direct beneficiary of celebrity endorsements. If we look back at its evolution, we can see that Elon Musk’s cryptic tweets played a key role in cementing Dogecoin’s position as a reputable player in the cryptocurrency market.
Then, there’s also the massive community that supports the main meme coin. Dogecoin has had the time and the necessary appeal to attract a large and passionate following that has spread the word about how amazing Dogecoin is, promoting it across all social media platforms.
On top of all that, Dogecoin’s design ensures fast and cost-effective payments, making it ideal for tipping and smaller transactions. Therefore, Dogecoin’s success was made possible by a combination of features and factors that are unique to the asset.
Final Thoughts
Dogecoin has had one of the most impressive journeys in the crypto realm, surviving market downturns and showing remarkable resilience. Judging by its extraordinary trajectory and present situation, we can safely say that Dogecoin hasn’t lost its crown, as some may speculate, even if it’s going through a rough patch at the moment and predictions regarding its future development are rather moderate.
It’s hard to tell what lies ahead for this iconic crypto. New meme coins will surely emerge and come to challenge it, as is usually the case in this burgeoning market. However, for the time being, there’s no token threatening to steal Dogecoin’s spot as the meme coin king.
