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Having performed poorly over the last year, Dogecoin is facing fierce competition. New projects like KangaMoon are gaining significant market traction, causing the hype around Dogecoin to decline. 

As KangaMoon continues to build momentum, experts predict that its $KANG token could surge by 220% during its presale, which has put tokens in extremely high demand. 

Dogecoin Underperforms In February 

Dogecoin’s price increased by 61% in February. While this sounds impressive, many of its competitors, such as Pepe, have seen returns of over 140%. This rally was triggered by a Bitcoin bull run, which has caused market-wide price increases. 

This recent surge has taken Dogecoin to an annual high, though experts believe the meme coin needs to do more to maintain its reputation. Although Dogecoin pioneered the meme coin market, its lack of utility and development is causing it to fall behind. 

While many meme coins have launched projects to build their ecosystem, Dogecoin has failed to develop. This has caused Dogecoin to lose many of its supporters, and its social activity has fallen to new lows. 

That said, Dogecoin’s recent trading activity suggests the project could recover. In the last 24 hours, Dogecoin’s daily trading volume increased by 200% to $5.75 billion. According to CoinMarketCap, Dogecoin is now the 7th most traded cryptocurrency in the world.

DOGE is currently trading at $0.1266, increasing by 28% in the last 24 hours. However, historically, Dogecoin has faced significant declines following such large rallies. As a result, some experts predict it could be too late to capitalize on Dogecoin’s recent growth. 

Could KangaMoon Surge 20X? 

Dogecoin now faces competition from projects like KangaMoon. Though still a meme coin, KangaMoon offers fantastic utility. The project combines a P2E game with social-fi features to create a dynamic and unique user experience. 

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Author: Crypto Daily

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