Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant?
August 08 2022 - 2:26AM
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Dogecoin (DOGE) has been recently pushed aside by Polkadot (DOT)
from the top cryptocurrencies list as it is now the 11th biggest
crypto in terms of market cap. DOGE’s market value is currently at
$9.28 billion after it sadly had to let go of its position which is
now held by Polkadot with a market value of $9.62 billion.
According to CoinMarketCap, the DOGE price is 1.09% down or at
0.06899 as of this writing. DOGE price remained the same despite
the positive sentiment in the crypto space spiked by the support of
Elon Musk, among other things. Michi Lumin, Developer of Dogecoin,
has recently announced the release of a C library of DOGE building
blocks coined as Libdogecoin. This library allows Dogecoin to
integrate into different platforms. Related Reading: TRON (TRX) TVL
Accelerates To Nearly $2 Billion Last Month Elon Musk Says DOGE Has
Real Value In one of his appearances on the podcast “Full Send”,
Elon Musk, billionaire entrepreneur and CEO of Tesla, once again
pressed on with his unrelenting support for DOGE. “I’m
mainly supporting Doge, frankly,” Musk said. Musk reiterated that
Dogecoin isn’t just a dog meme coin; it is not a joke because it
has real utility value. He also said that in comparison to Bitcoin,
DOGE has a much bigger transaction volume. Since early August, the
price of DOGE hasn’t moved significantly because it’s been hindered
by $0.075. The crypto market seems to be in a coma as it is being
bombed by a lot of macroeconomic problems. But, as other meme
projects have no utility value and the token prices are mostly
impacted by social media or a popularity vote from influencers and
other celebrities, investors aren’t so sure if they should invest
long-term in these dog meme coins. Dogecoin Lags Behind DOGE is
lagging behind in terms of growth. At the beginning of July, the
DOGE price is at $0.066. SHIB grew by 17% but DOGE price only
registered a growth of 1.4%. DOGE token market cap only increased a
bit from $8.77 billion to just $9.06 billion. On July 31, DOGE had
73,800 active addresses that grew by as much as 13% or around
105,000 addresses at one point on July 28. DOGE was able to close
July with a plunge in transaction volume by 96% or 1.53 DOGE. The
social dominance of DOGE increased by 8.49% after the price racked
up to $0.75. DOGE price plunged by 61% as social dominance
nosedived by 3.3%. DOGE’s social volume further declined by as much
as 63%. Developmental transactions within the Dogecoin network grew
by 80% despite the lack of ecosystem updates. Related Reading:
Shiba Inu Displays Surprising Price Movement – Can SHIB Ditch The
Flatline? DOGE total market cap at $9.24 billion on the daily chart
| Source: TradingView.com Featured image from Zipmex, chart from
TradingView.com
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