Dogecoin has a market cap of around $30 billion but Hedera’s market cap is roughly $10 billion. That means Dogecoin is still three times bigger than HBAR, even though Hedera is backed by some of the biggest institutions in the world.
This is exactly the point that a crypto commentator named Mark brought up on X.
“Can anybody make this make sense… $HBAR gets institutional validation from NVIDIA, Grayscale, Lloyds Bank, and even a national CBDC pilot… And $DOGE is still 3x bigger because… memes?”
So, what’s going on here? Why is DOGE still leading by such a huge margin?
Let’s walk through the key reasons.
What you'll learn 👉
Dogecoin Has the Meme Advantage and Cultural Reach
Dogecoin started as a joke in 2013. It was never meant to be a serious financial product. But that joke quickly turned into a movement. Built around a viral meme and a fun, lighthearted vibe, DOGE became the original memecoin.
That cultural appeal still matters today. Dogecoin price often reacts more to internet trends than to financial fundamentals. Its community is massive, loyal, and loud. It gets people excited in a way most serious projects like Hedera cannot. Even if HBAR has better technology or real-world partnerships, it does not have the meme energy or social buzz of DOGE.
Elon Musk Keeps the Spotlight on DOGE
Another major reason behind Dogecoin’s rise is Elon Musk. He has talked about DOGE for years and often posts memes and jokes about it on X. But it is not just talk. At one point, Tesla accepted Dogecoin as payment for merchandise. He also mentioned the possibility of using DOGE on the X platform in the future.
Every time Musk tweeted about Dogecoin, the DOGE price jumps. His influence has brought the coin mainstream attention that Hedera has never really had. The media covers DOGE like it’s part of pop culture, not just crypto news.
The influencer endorsement still makes it feel like many more things are coming from DOGE, and it could even be part of the currencies that will be used on X. This keeps many people giving it attention.
Dogecoin Has History and Visibility on Its Side
Dogecoin has been around for over a decade. In crypto, that kind of staying power counts. The longer a coin survives, the more people tend to trust it. This is sometimes called the Lindy effect.
DOGE is also easy to access. It is listed on almost every major exchange, and it has a huge supply, so people can buy a lot of it for a small amount of money. That accessibility makes it a favorite for first-time crypto buyers.
In contrast, Hedera’s story is more complex. It is built for enterprise use, with a unique consensus mechanism and a focus on long-term utility. That appeals to developers and institutions, but not always to regular traders looking for fast gains.
Institutional Partnerships Take Time to Affect the Market
HBAR is doing everything right from a tech and business perspective. It is fast, energy-efficient, and already being used in real-world applications. From tokenization to supply chain tracking and even a central bank digital currency pilot, Hedera is building serious use cases. It is partnered with top-tier organizations like NVIDIA, IBM, and the London School of Economics.
But crypto markets do not always reward utility right away. Institutional adoption tends to move slowly, and many retail investors do not understand or care about enterprise-level use cases. As a result, the HBAR price grows more gradually and gets less attention than viral coins like DOGE.
HBAR also tends to attract a different kind of investor. Its holders are more likely to be long-term believers in utility and partnerships, while DOGE traders are often chasing short-term hype.
Side-by-Side Comparison of DOGE and HBAR
Here is a simple table that compares Dogecoin and Hedera across several categories:
| Characteristic | Dogecoin (DOGE) | Hedera (HBAR) |
|---|---|---|
| Foundation | Memecoin, viral community | Enterprise-grade distributed ledger |
| Primary Story | “Fun internet currency” | Institutional partnerships and utility |
| Market Cap (July 2025) | ~$30 billion | ~$10 billion |
| Retail Excitement | Very high | Low to moderate |
| Enterprise Adoption | Low to moderate | High and growing |
| Media Attention | Constant and viral | Quiet and technical |
| Transaction Purpose | Tips and micro-payments | Tokenization, enterprise tools, CBDCs |
The Final Takeaway
Dogecoin being 3x bigger than Hedera might not seem logical when you look at the partnerships or the underlying technology. But in crypto, logic does not always rule the market. Attention does.
Read Also: Injective (INJ) Price Could Be Next to See 3x Rally: Here’s How It Could Happen
DOGE continues to thrive because of its meme-driven identity, celebrity attention, and deep cultural roots. HBAR, on the other hand, is playing the long game. It is building a strong foundation that may eventually catch up in value. But for now, Dogecoin’s momentum, community strength, and visibility keep it far ahead in market cap.
That gap may shrink in the future. But as of today, memes are still beating partnerships in the crypto race.
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