Meme coin Dogecoin is asserting dominance available in the market as soon as extra. Final week, the digital asset misplaced its prized crypto high 10 positions when Polkadot (DOT) rallied, and it overtook the meme coin. Nevertheless, because the week attracts to a detailed, DOGE has taken the lead over DOT as soon as extra.
Dogecoin Makes Prime 10
After spending a few week out of the highest 10 cryptocurrencies by market cap checklist, Dogecoin has reclaimed the tenth spot available on the market. It’s much less a results of a rally within the worth of Dogecoin and relatively a decline within the worth of Polkadot (DOT) over the previous week.
The place DOGE had seen a worth decline of 6.24% within the final 7 days, Polkadot had suffered a worse destiny, shedding greater than 12% of its worth in the identical time interval. DOT had inevitably misplaced its footing above $7, and its market cap dropped to $7.64 billion.
On the time of writing, Dogecoin’s market cap was sitting at $7.9 billion, lower than $300 million increased than the market cap of DOT. Which means that the meme coin is just not utterly out of the woods, and DOT may overtake the tenth place if DOGE’s worth fails to carry up in opposition to the market.
DOGE Worth Nonetheless Struggles
The re-entry into the crypto high 10 has not meant a lot for the digital asset. DOGE’s worth continues to be sitting perilously beneath $0.06 and reveals no signal of any constructive restoration anytime quickly. The bear market has not finished the cryptocurrency any favors both as a result of it has solely recorded a 0.7% progress within the final 24 hours.
Traders have additionally felt the impression of this decline as profitability has been down over the past couple of weeks. Presently, there are extra Dogecoin buyers who’re recording losses than those that are at present in revenue.
A complete of 50% of all wallets holding DOGE are at present within the crimson, whereas 48% are within the inexperienced. The remainder (2%) are at present sitting in impartial territory. DOGE’s worth can be greater than 91% down from its all-time excessive worth of $0.70, performing badly in comparison with its fiercest competitor, Shiba Inu.
Nonetheless, whales proceed to be very energetic within the meme coin. During the last 7 days, massive transactions with values of over $100,000 have come out to a complete quantity of virtually $1 billion. The meme coin additionally boasts greater than 4.4 million holders, indicating sturdy maintain sentiment amongst neighborhood members.
Featured picture from Bitcoinist, chart from TradingView.com
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