4/20 edition: Are Dogelon, SHIBAVAX, WOOF & co. stealing Dogecoin’s thunder?

Lavina Daryanani
Source: YouTube

4/20 was supposed to be Dogecoin’s day. Unfortunately, the OG meme token’s price has not shown any signs of pumping yet. At press time, DOGE was up by only 3.6% in the day’s trade and was valued at $0.1452.

Other dog-themed coins, however, were having a ball. Take the case of Dogelon Mars itself, for starters. The third-largest meme token by capitalization had appreciated by more than 55.5% in just 60 minutes during the early hours of Wednesday.

A spike in the buying momentum and trade volumes had fostered the same.

Source: TradingView

Usually, a rising tide ends uplifting all boats. In that essence, it is usually perceived that most meme-coins share a high correlation. Well, looks that might necessarily be the case at the moment, for Dogecoin has started decoupling itself from the pack,

Dogecoin correlation to BTC || Source: ITB

At press time, Dogecoin’s correlation to Bitcoin was on the verge of hitting zero. It precisely stood at 0.2. Dogelon Mars, on the other hand, shared a correlation of 0.8 with the king coin. When viewed in conjunction, it becomes quite clear that Dogecoin and Dogelon’s mutual dependency has faded of late, and thus, expecting the former to benefit from the latter’s pump fairly seems to be unreasonable.

Dogelon corelation to Bitcoin || Source: ITB

Dogs day out

Leaving aside the large-cap meme coins, other small and mid-cap tokens were seen following ELON’s path. At press time, three such coins were seen steadily climbing high. Interestingly, two of them were dog-themed.

Privacy-centric meme token Wownero [WOW] was already up by 22.16% in the day’s trade. The Shiba Inu x Avalanche variant—SHIBAVAX—and Solana-based WOOF were up by 11% each in the same time frame.

Source: CMC

Leaving aside meme-tokens, almost the entire crypto market was trading in green at press time. Perhaps, the king-coin climbing back above $41.4k instigated a broader market pump. In such a situation, cutting off ties with the Bitcoin is more or less like hitting one’s leg with a hockey stick. Dogecoin, for that matter, has already been facing the repercussions of the same. Other coins moving in tandem with ELON, and Bitcoin, have been on the ninth cloud.

So, it looks like this year’s 4/20—that’s deemed to be DOGE’s day—would be remembered for the likes of the OG meme’s counterparts rallying. However, it wouldn’t take time for the tables to turn if DOGE manages to pull a rabbit out of its hat. Well, anything can happen today. It’s after all 4/20.