Dogecoin, 8 Times Larger Than NFT Market..."Memecoin Survival Upgrade"

▲ Dogecoin(DOGE)

Dogecoin (DOGE) has once again highlighted its presence in the cryptocurrency market by recording a market capitalization more than 8 times larger than the entire NFT market. While the NFT market, which once permeated mainstream culture, has shrunk, Dogecoin, a leading memecoin, still maintains its position among the top 10 cryptocurrencies by market capitalization.

According to the cryptocurrency media outlet U.Today on May 8 (local time), the cryptocurrency ranking platform CoinGecko recently stated via X (formerly Twitter) that Dogecoin's market capitalization exceeds 8 times that of the entire NFT market. CoinGecko stated, "DOGE is more than 8 times the total NFT market capitalization."

Currently, Dogecoin's market capitalization is $16.51 billion. In contrast, according to CoinGecko data, the total NFT market capitalization is only $1.97 billion. Considering that the NFT market includes thousands of individual projects, collections, and platforms, the fact that Dogecoin's single asset market capitalization significantly surpasses the entire NFT market shows a stark difference in market sentiment.

The NFT market rapidly expanded into the realm of popular culture during the craze that lasted from 2021 to 2022. NFT sales reached $2.9 billion in 2021, but the enthusiasm has since cooled, and the market size has significantly decreased. Recent 24-hour NFT trading volume is just over $1.6 million.

Dogecoin is a cryptocurrency jokingly created by Billy Markus and Jackson Palmer in late 2013. The two believed the cryptocurrency market was too serious and uninteresting, and inspired by the famous Doge meme, they launched Dogecoin on December 6, 2013.

Although Dogecoin started as a memecoin, it has maintained its position among the top 10 cryptocurrencies by market capitalization for several years, navigating through both long-term bear and bull markets. U.Today reported that Dogecoin's significant lead over the entire NFT market demonstrates its resilience and sustainability within the market.

The Dogecoin ecosystem continues to conduct experiments in preparation for the era of quantum computing. On the Dogecoin mainnet, the ZK Carrier experiment, a post-quantum carrier that incorporates zero-knowledge proofs into real transactions, was unveiled. The DogeBox Post Quantum Secure Dogecoin Wallet PUP marketplace has also been launched, and in late April, the Quantum Dogecoin Explorer, which allows users to directly verify post-quantum secure transactions on the Dogecoin mainnet, was also released.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*