Dogecoin Underperforms as Bitcoin and Altcoins Reach New Highs
Dogecoin remains more than 70% below its all-time high despite a broad crypto rally. While Bitcoin, Solana, BNB and XRP soared after Bitcoin ETF approvals and U.S. election results, Dogecoin’s price has stalled near $0.21. Traders and investors are favoring cryptocurrencies with clear utility. Bitcoin is viewed as a store of value and Ethereum powers applications like stablecoins. By contrast, Dogecoin was created as a meme coin and still lacks significant transactional use. Even Elon Musk’s public endorsements have failed to drive sustained gains. Recent data from Arca shows 75% of tracked tokens posted negative returns this year, underlining the market shift toward assets with real-world applications.
Bearish
Dogecoin’s sustained underperformance signals waning speculative demand for meme coins. Major tokens like BTC, SOL, BNB and XRP have rallied on the back of ETF approvals and broader macro drivers, highlighting investor preference for assets with robust use cases. Dogecoin still lacks significant transactional adoption despite high-profile endorsements from Elon Musk. Historical data—such as the 2021 meme-coin pump and subsequent crash—suggests that without real utility, Dogecoin struggles to maintain momentum. Traders are likely to remain cautious, anticipating further downside or sideways trading until concrete use cases emerge.