Dogecoin Champions Utility as Meme Coins Lose Favor After Multiple Boom and Bust Cycles

Dogecoin, the premier meme coin, has recently championed utility over hype. The move comes as the hype train that led to meme coin dominance over the past year appears to be losing steam following several high-profile boom and busts like LIBRA, the token initially backed by Argentine President Javier Milei.  Dogecoin Urges Projects to Build? In a tweet over the weekend, the official Dogecoin X account championed utility over hype, arguing that prioritizing hype could lead stakeholders to become "someone else's retirement plan." As a result, it urges projects to build and focus on utility.  https://twitter.com/dogecoin/status/1903746381908426972 The statements from the Dogecoin team carry a touch of irony. While it can be argued that DOGE has some utility beyond the hype, as it can be used to pay for Tesla merchandise and generally make payments on some websites, the meme coin primarily thrives off hype and speculation. This irony is further highlighted by the fact that the statement comes in response to similar assertions from Litecoin. A few months ago, the project jokingly claimed to "identify as a meme coin" to attract attention. This was during the peak of the meme coin speculative flurry in Q4 2024. DOGE Price Action Amid the recent decline in meme coin momentum and crypto market woes, DOGE has taken a significant hit. Specifically, over the past three months, it has fallen as much as 70% from its December 2024 of $0.48442 to trade as low as $0.14297. However, the meme coin has regained some of these losses. As of writing, DOGE is trading at $0.1769, reflecting a 3.5% increase over the past 24 hours. This comes as the crypto market appears to be experiencing a relief rally after weeks of uncertainty.