Dogecoin (DOGE) has reclaimed its position as the top memecoin in terms of trading volume, according to the latest report from cryptocurrency market data provider Kaiko. Despite experiencing a slight decline in recent days, DOGE still dominates 60% of memecoin trading volume, with its share briefly reaching 75% in the past month.
This marks a return to market leadership for DOGE after being overshadowed by its competitor, Pepe (PEPE), for the past two months. PEPE’s dominance has fallen from 70% to less than 18% in just two months, allowing DOGE to regain its dominance.
PEPE had gained significant attention in the market since its launch in April, capturing the largest trading volume among memecoins from May to early July. Its peak dominance came in May, reaching around 70% and becoming the third-largest memecoin by market capitalization. The increased demand for PEPE drove its price to an all-time high of USD 0.0000036 in May, experiencing a 1,800% appreciation since its launch.
DOGE’s resurgence in dominance comes as the hype surrounding PEPE starts to fade, along with the continued interest in Shiba Inu (SHIB), which remains the second-largest memecoin. SHIB had dominated around 50% of the market last year and into early 2023.
The trading volume of DOGE has been influenced by the initiatives of memecoin enthusiast Elon Musk. Kaiko’s records show that DOGE’s dominance has fluctuated following Musk’s actions. Last year, DOGE’s dominance increased when Musk acquired Twitter. Similarly, DOGE experienced a boost after the platform temporarily changed its logo to the DOGE icon in April. However, in July, when Musk changed the Twitter logo to an X, DOGE’s dominance among memecoins saw a slight decline.
Speculation suggests that DOGE may have a role within Musk’s X ecosystem, which is aiming to evolve into a financial company rather than just a social network. The future of DOGE and its relationship with Musk’s initiatives remains uncertain, but for now, it has reclaimed its position as the leading memecoin in terms of trading volume.