Dogecoin's price has experienced a significant increase, which may be attributed to Elon Musk's recent actions and rumors that DOGE may have a larger purpose for his website X.com. Despite regulatory scrutiny and market instability, traders and investors continue to accumulate DOGE, resulting in a 25% increase in its price over the past two weeks.

Other memecoins, such as SHIBA and FLOKI, have not experienced similar growth, and their social dominance and market caps are significantly lower than DOGE and SHIBA. According to Santiment's data, PEPE has a larger social presence than FLOKI and is more dominant than both FLOKI and SHIBA, resulting in a significant difference in market caps. However, traders remain skeptical about the current surge in prices, with the majority of trades being shorts against DOGE, SHIBA, FLOKI, and PEPE.