The official account of the Dogecoin cryptocurrency poked fun at Hollywood’s box office success by comparing the memecoin’s market capitalization to the receipts of Spider-Man: A Brand New Day. The blockbuster earned $927 million at the global box office in its opening weekend (including a record $360 million in North America), making it the second-biggest opening in film history. On social media, the project noted the film would need roughly 11 more premieres of similar earnings to catch up with the token’s total value.
At a current price of about $0.069, Dogecoin’s market capitalization is roughly $10.84 billion, which keeps the coin in 11th place in the overall cryptocurrency rankings. Although DOGE is trading about 90% below its all-time high of $0.7315 recorded in May 2021 and has been in a downtrend for 19 months, the asset retains its status as the largest memecoin.
At the same time, experts report a major shift in investor preferences: the share of memecoins in the market has fallen to a two-year low. According to analysts at Grayscale and data from major trading platforms, investors are increasingly withdrawing capital from hype projects and reallocating funds into fundamental tokens with real practical utility, which lowers the likelihood of another rapid rally for Dogecoin.
