In last one week, coins like pepe rose by 400% or more. There were other meme coins like dogecoin and shiba inu also growing fast. Lot of bitcoin users would now feel tempted to move their funds to these meme coins for higher profit. At such, do you think that any meme coin has the capacity to challenge bitcoin dominance ?
Most of the Bitcoin holders are not for trading, and they are probably not there for quick money. Because of that, I don’t think they will feel somehow because they know that Bitcoin price movement is the determinant of altcoin price movement as well. Some of these Bitcoin holders also have altcoins for quick profit.
In the case of dominance in the cryptocurrency ecosystem, I don’t think any coin will come today to pass Bitcoin in terms of everything. We have seen coins like ETH, BNB, SOL, and others that did well some time ago, yet they are behind Bitcoin; therefore, Bitcoin will remain the father of them all in the cryptocurrency ecosystem.