According to Google data, the interest in dogecoin peaked back in May, when the cryptocurrency was testing all-time high levels. Since then, the interest in Dogecoin has steadily declined, and so did the price of the coin.
Dogecoin did not manage to settle above $0.75 and pulled back towards $0.16 in July. It has made two attempts to gain sustainable upside momentum but faced significant resistance in the $0.34 – $0.35 range and declined towards the $0.20 level.
The popularity of Shiba Inu coin has clearly hurt Dogecoin as some traders shifted funds from one “dog coin” to another when Shiba Inu was rallying. It should be noted that Dogecoin remains bigger than Shiba Inu despite its poor performance in recent weeks. According to CoinMarketCap, Dogecoin is the 10th biggest cryptocurrency by market capitalization, while Shiba Inu is in the 12th place.
Dogecoin bulls must try to defend the coin’s current position as a move out of the top-10 will signal that Dogecoin may be losing its relevance. Trends are changing fast in crypto markets, and it is vitally important to show growth. Avalanche , which has a market cap of about $28.5 billion, is already very close to Dogecoin, whose market cap is roughly $29.5 billion.