The meme coin market has been the jewel in the crown of the crypto market so far this year. Even through small periods where the market has been going through bearish conditions the meme coin sector was still experiencing growth. One of the driving factors has been the record amount of new projects being launched.
One of these projects stands out above the rest. Dogeverse (DOGEVERSE) is grabbing headings all over X and throughout crypto media as many speculate it could be one of the new stars of the meme coin world. We decided to see how it stacks up against the two largest meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB).
What you'll learn 👉
Dogeverse- A meme coin that may indicate a changing of the guard
As Dogeverse (DOGEVERSE) is a Dogecoin (DOGE) alternative, our analysis will mostly focus on how it stacks up against its predecessor. However, it should be noted that most of the points we make also apply to Shiba Inu (SHIB). While the people behind SHIb have made much more of an effort to modernize their coin with the layer network and other ecosystem developments it hasn’t been enough.
The meme coin world is evolving and changing and we have been banging the drum for quite some time about the top two meme coins at the head of the market since their creation may not be there much longer. While Dogeverse is a Dogecoin alternative, we can see from this article that there are similar projects targeting Shiba Inu and that set off alarm bells for all involved.
While we will get into Dogeverse and its modern project in more detail a little later, we do want to draw attention first to its presale which has now raised over $15 million. This is despite the fact it is less than two weeks old. This far surpassed the project expectations and shows a clear sign that some DOGE investors are jumping ship and climbing aboard the Dogeverse express.
So, why are these investors deciding to leave? Well, we hinted at the first point already, but Dogecoin has just not adapted to the modern-day meme coin market. In May of last year, Pepe Coin (PEPE) came from nowhere and turned investors into millionaires almost overnight. This sparked a massive sense of FOMO in the market and suddenly the dying meme coin market had life once again.
How Dogecoin put their eggs in the wrong basket
Over the last year, the trading volume and the amount of new projects has spiked massively. This new competition has bred innovation and we are seeing new types of meme coins everyday. One of the main developments was meme projects adding utility. In the case of Doegverse, this is staking.
Staking is now almost a part of every new project as it adds a layer of security for the actual project while giving investors the chance to earn more crypto. While Shiba Inu recognized the need to add utility, Dogecoin went down a different route. They have put all their eggs in the Elon Musk basket.
Dogecoin has almost been unilaterally focused on being more widely accepted by vendors as a payment method. Musk has often hinted crypto would be accepted someday as a payment method for Tesla and X. This day has not yet come and Musk’s falling stock due to X’s poor performance has not left Dogecoin in a great spot.
Perhaps even more worrying for Dogecoin long-term is its chain. This will tie in perfectly with Dogeverse later on. The crypto market has made amazing strides in 2024. This was kicked off in January by the SEC approving spot Bitcoin ETFs. The massive pump from this event led to Bitcoin (BTC) reaching an all-time high.
One downside of the market being pushed more into the mainstream is regulatory bodies trying to get involved. The US government has already attempted to get involved with the Bitcoin mining process to see its environmental impact and you can be sure more of that is coming.
While Bitcoin is taking the heat, Dogecoin will eventually come in the firing line. The meme coin also uses a proof-of-work process that uses a lot of electricity. In fact, according to Digiconomist, Dogecoin uses the same amount of electrical energy per year as the entire country of Yemen.
How Dogeverse has set itself up for future success
This brings us to Dogeverse. We think the people behind this project are acutely aware of the problem Dogecoin will have down the line with their chain. They have also noticed Solana’s shocking rise to becoming a more popular network than Ethereum.
That is likely why they have chosen to be a multi-chain token. The pup at the center of their ecosystem is not unlike the Dogecoin and Shiba Inu pups. However, he was born with a very special trait; To be able to jump unencumbered from chain to chain.
If this wasn’t impressive enough, Dogeverse is actually the first project that will be available on six different chains. In the layer 1 category Ethereum, Avalanche, Solana, and BNB Smart Chain have been chosen, alongside Layer 2s such as Polygon and Base. This truly gives the token an unrivaled amount of versatility.
Given the shock we mentioned the Solana network caused, having this many chains could be crucial for a project in the future. It shows how while Dogecoin has stood still, Dogeverse has made a token not just for today’s market, but for the future one too.
Conclusion
So, you can see now why we are backing a new token like Dogeverse over old coins like Dogecoin and Shina Inu. Dogecoin in particular has made some bad decisions that have caused them to stay still while the market around them changes. Dogeverse has noted this and understands they don’t just need a token to be successful in today’s market but also one that may evolve over the years.
Disclaimer: We advise readers to do their own research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in cryptoassets is high-risk; consider the potential for loss. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
