Bitcoin and Ethereum reached new maximums, why don’t Dogecoin?

Digital asset markets last year recovered after Bitcoin ETF approval And the president of the United States, Donald Trump, victoryWith the 10 main largest cryptocurrencies (excluding stablcoins) for market capitalization, all reach new maximums in the last 12 months.

Dogecoin It has been the only exception.

While large capitalization coins such as Bitcoin, Solarium, BNBand XRP They have all broken records, Elon Musk’s favorite Meme currencyDoge, is still more than 70% below its maximum 2021 brand of $ 0.73.

Coingcko data shows That Dege had a price recently in a little more than $ 0.21. The currency saw a bounce last fall when Musk joined President Trump in the campaign, and continued to increase after Trump won the elections. But it reached its maximum point in around $ 0.48 in December, and has not been seen above the $ 0.40 brand since January.

What is happening? If Memes currencies trade with vibrations and goodwill, and the cryptographic industry has been widely flooded with positive news in recent months, why don’t dege fly to Flying High?

“Dogecoin is executed in vibrations, and the vibrations have not yet reached the mania levels of 2021,” said Douglas Colckitt, founder of Environment Finance and founder collaborator of Fogo. Decipher. “Unlike Bitcoin or ETH, there is no promoter of structural demand. It has no rethinking yields, it does not anchor the guarantee … It is literally a meme with a strong community behind it.”

According to Grayscale Zach Pandl research chief, investors are currently more interested in digital assets that have real utility. Meme’s coins lack that.

“There is nothing wrong with Meme currencies and other digital collectibles, and they will always be part of cryptography markets,” Pandl told Decipher. “But institutional investors who move to cryptography are looking for real world use cases and focus on projects that generate income.”

Bitcoin has largely sold as an asset of the long -term value store, while the Ethereum network, investors, believe it is useful for applications such as Stablecoins—The digital tokens linked to the value of the dollar that everyone, from JP Morgan to the goal wants to issue.

Although there seems to be the demand for the currency, with analysts narration Decipher that the ETFs that give exposure to the currency could soon be approved, it was created As a joke to make fun of cryptographic space. Dogecoin then largely won a cult when Tesla Elon Musk chief began Publishing memes about the currency.

The richest boss in the world and the Chief of Spacex once they said that he liked the asset because it was “for people”, unlike Bitcoin. He also said that he has the “best sense of humor” and that he likes Doge because he also enjoys dogs and memes.

In other words, it is just a joke for Musk. And investors can see it in the same way.

Doge, in the past, has been framed as prepared for payments; Billionaires like Mark Cuban from Shark Tank, along with musk, have saying The tokenomic of the currency would make it good for transactions. Cuban also said that the low price for currency made him an asset that people could spend, instead of Bitcoin.

But for transactions, Dogecoin has not yet taken off and has been seen largely as a speculative and fun ascent. And has not given merchants the same yields as Bitcoin or Ethereum in recent years.

“Meme coins can be a way to unite an online community around shared interests, but this does not mean that they make good long -term investments,” Pandl added.

To the zoom, many cryptocurrencies have not obtained decent yields this year, according to the data of the digital asset management firm, with 75% of the tokens that the company observes that shows the negative returns during the year to date.

“The only exceptions are the tokens linked to the participation of equity, such as Bitcoin, Ethereum and Solana, or those associated with a legitimate business model,” said Arca Cio Jeff Dorman Decipherpointing out that prices in assets such as the Hyperliquid pump of the decentralized derivatives platform, and CRO linked to Crypto Exchange Crypto.com.

“In contrast, Dege lacks a functional purpose, so it has not experienced any significant increase,” he added.

That could change in the future with developments Like Degeoswhich promises to bring applications and games to the network, and the ETFs of Dogecoin that emitters such as the gray scale and the bit to bitwise I hope to launch Pending the approval of the SEC. But even a Wall Street seal might not give dogs a lasting impulse.

“Of course, an ETF would create a headline and open the door to some new entries. But let’s be realistic: a dogado ETF would be the definitive proof that financial markets have fully adopted the absurd,” Colkitt added. “Will you pump? Will probably create a lasting value? Doubtful.”

“There is always Dux demand because people love the joke. That is the product: the meme,” he continued. “But demand is not the same as profit. While investors are willing to speculate on the nostalgia and internet culture, there will be an offer for dogs. He simply does not confuse it with the fundamental adoption.”