Dogecoin Price Dips as Crypto Whales Rotate To Next-Gen Meme Coin

Dogecoin, the world’s biggest meme coin by market capitalization, isn’t generating the same kind of buzz it once did. While the community felt elated when the Dogecoin price closed in on $0.5 by the end of last year, and when the emergence of the Department of Governmental Efficiency gave the meme more legitimacy, interest has now gone down.

The Dogecoin price dip has led most crypto whales to look for alternative meme coins: ones with the same iconic style but a little more substance. As a result, their eyes are now on Solaxy, a memetic crypto with a unique utility designed to enhance the existing Solana ecosystem.

Will SOLX be able to outperform Solana? And are the DOGE days now numbered?

Dogecoin Price in 2025 – A Tale of Underperformance

Dogecoin opened in 2025 at $0.31, amidst a parabolic price increase that pushed the DOGE price to $0.43, which is an increase of more than 41%. Helping with its ascension were Elon Musk’s antics and the realization of the Department of Government Efficiency (DOGE), whose goal is to reduce government spending and pull the US out of the rut of debt.

However, as the DOGE fever started to dissipate, a realization set in: despite the name, there has been no real development within the Dogecoin ecosystem. There were no plans to make Dogecoin a currency used within the upper echelons of government as many had hoped. And despite the community’s best efforts, the website still highlights: “Dogecoin has no utility.”

This started a downtrend, pulling the Dogecoin price down by more than 68% from its January highs before a concerted effort led to a slight bounce. These Dogecoin bulls, or purists, are still part of the old guard, focusing on nostalgia and hoping for the Dogecoin price to go viral.

While this led to an 84% increase from DOGE’s yearly bottom, it only pushed the meme coin’s value to $0.26, which was followed by another correction after May 11.

Since then, the Dogecoin price has pulled back by more than 22% and is currently trading just above the $0.20 level.

That said, Dogecoin has still managed to stay in the conversation when it comes to use cases. On June 7, it posted a tweet on X with information about a hacking competition for Dogecoin enthusiasts, presenting an opportunity for hackers in Portugal to attend the event:

With small spikes of growth and massive dips, one wonders whether Dogecoin’s days are numbered. The answer is no. However, now that Elon Musk has distanced himself from DOGE (Department of Government Efficiency), the brand impact he had over the meme coin is gone.

While it is still possible for Dogecoin to pump again, it may not happen anytime soon. Investors seem to have understood this and are now dipping out of DOGE to invest in meme coins with more potential, such as Solaxy.

Solaxy (SOLX) is a Meme Coin With Major Upside Potential

Whereas Dogecoin is losing steam, Solaxy has been able to gain a large following, both on social media and among investors.

Within just a few short months as a presale, Solaxy has managed to raise upwards of $47 million, making it one of the biggest meme coin presales of the year.

With the presale ending in less than five days, experts predict that it could make an explosive debut on the price charts.

99Bitcoins, for instance, has stated that it has 10x potential. This means that those who invest in the presale today, when the SOLX price is $0.0017, could see the price rise beyond $0.02 when the listing day arrives.

Why Whales are Gravitating Towards Solaxy?

Solaxy has been able to attract a lot of whales thanks to its unique value proposition. While it presents itself as a meme coin on the surface, it is, in fact, a utility token powering an L2 solution for the Solana blockchain.

With goals of making the existing Solana network more efficient, faster, and scalable, Solaxy adopts ZK Rollups, Hyperlane, and Celestia to create the world’s first L2 solution for Solana.

Furthermore, the project has already launched the Solaxy Testnet. Accessible through Backpack Wallet, the testnet offers perks such as bridging SOL, transferring assets across the rollup, deploying smart contracts on Solana’s native toolchain, and exploring on-chain activity.

These use cases create a clear distinction between Dogecoin and Solaxy.

Whereas Dogecoin’s core growth driver is community interest and memes, Solaxy is focusing on utility. Furthermore, while Dogecoin has only talked about introducing utility, Solaxy is acting on it from the very beginning.

As a result, Solaxy shows an ecosystem with diverse use cases powered by a DAO that could attract a community of developers who may collectively push the project to new heights. This could make it possible for this new meme coin to outperform established assets such as Dogecoin.

So, for those wanting to focus on a meme coin project with a utility-centric core while still retaining a comedic spirit, Solaxy could be considered a good buy.

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