![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
Dogecoin went viral again this week after news a KFC branch in Utah would now accept DOGE as payment. Unfortunately for Dogecoin lovers, the news turned out to be fake. Meme-coins like DOGE experience massive price pumps following news announcements like this – which demonstrates both the power and problems of these crypto tokens.
Like all top 20 major cryptos (except for stablecoins) meme-coins DOGE and Shiba Inu have fallen sharply in price over the last week. Dogecoin is down 24% – which is still better than Shiba Inu’s 30% tanking in price. Yet DOGE remains the top meme-coin on the market with a $15 billion valuation and 132,670,764,300 DOGE in circulation.
Meme-coins had their moment last year, and especially Dogecoin following announcements that Tesla began accepting DOGE as payment. As of February 2022, Tesla announced DOGE could now be used at a supercharging station in Santa Monica in the US.
While further merchant adoption is probable in 2022 today we’re questioning the longevity of meme-coins. In this article we’ll compare Dogecoin to crypto newcomer EverGrow Coin and ask: are utility-based coins the new Dogecoin killer?
The rise of Dogecoin
Dogecoin is based on the popular ‘doge’ meme from around 2013. Spin-offs show a Shiba Inu surrounded by Comic Sans words – especially the mispronunciation of dog as ‘doge’. Billy Markus from Oregon and Jackson Palmer from Australia created the token the same year as a light-hearted crypto seeking appeal outside the Bitcoin audience.
Dogecoin’s fundamental structure differs from Bitcoin, however, in that there’s an unlimited supply of DOGE – currently 132,670,764,300 tokens exist. The coin was initially used to tip Reddit or Twitter users, but uses have become increasingly creative. In 2014, for example, more than 26m SHIB was raised (roughly $25,000 at the time) to help send the Jamaican bobsleigh team to the olympics. Over the years Tesla founder…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
