It wouldn’t be unjustified to blame Bitcoin for the ongoing crunch in the global crypto economy. It is usually said that the value surge for the entire crypto-economy is intricately linked with the well-being of Bitcoin. If Bitcoin’s value is surging then there is hardly any digital currency whose value hasn’t been surging.
At the present moment, Bitcoin has been going through the toughest times. It has been earning some value gains in a day but at the end of the day, it has been losing more than what was gained. 10th November 2021 marks the day when Bitcoin made a historical value when it surpassed US$ 69,000 in terms of value. Recently thereafter, an economic crunch took over the global crypto economy, and unfortunately to date Bitcoin has lost more than US$ 32,000 in value. According to today’s market rate, Bitcoin value is shown to be US$ 36,388 as per the price index of Bitcoin.com.
Yet there is one particular crypto coin, whose value gains in 2021 were phenomenally the best of them all. This phenomenal coin was the famous meme-coin i.e. Dogecoin (DOGE).
DOGE’s popularity rose to its highest in 2021 as the coin earned gains of more than 1500%. However, at the bottom of 2021, DOGE failed to see a happy ending and unfortunately loving value since mid-November, 2021. Yesterday alone, DOGE’s value was reduced roughly by 3.1%. However, it has lost 24% and 28% in the past 7 days and 30 days respectively. But DOGE is still keeping up most of the value increase i.e. approximately 1,486%, which it had earned in 2021 to date.
Stardom for DOGE was created by one of the most influential men in the world namely, Elon Musk, who is the CEO of Tesla. It was because of the bullish tweets which were posted by Musk which led the DOGE popularity to rise within the crypto community. As a result, DOGE was able to pave its way into the top ten cryptocurrencies of the world. Currently, a Dogecoin can be purchased against $0.14 and DOGE’s present market cap is above US$ 18.03 Billion.
DOGE also forms part of a separate group of digital currencies which is called the ‘meme-coin community’. Within this community there are more than 11 cryptocurrencies apart from DOGE. Second most famous meme-coin is SHIBA Inu coin, which too has earned tremendous popularity in 2021. Both, DOGE and SHIB, are considered competitors within their group. SHIB’s total market cap is not too much behind DOGE and has been exceeding US$ 11.7 Billion. The total meme-coin economy presently is US$ 36 Billion. This means that the two competitors are the contributors of at least 81.94%.
Unfortunately, the crypto economy crunch is also impacting SHIB’s economy as well. For the time being, it seems impossible that the crunch will be ending any sooner.
