Whereas currencies like Bitcoin and Ethereum proceed to hit new yearly highs, Dogecoin has carried out poorly over the past yr. Amid the underperformance, different altcoins have been climbing in market capitalization, difficult Dogecoin’s place among the many prime ten cryptocurrencies by market capitalization. Now, after every week of stagnation, Dogecoin has misplaced its spot on this listing.
Dogecoin is changed by Tron (TRX) in tenth place
Justin Solar’s Tron and its native TRX token have been on a bullish streak over the past yr. It has risen almost 200% from its 2023 low of $0.05, which has brought about its market capitalization to fluctuate considerably. In the meantime, Dogecoin’s worth did not comply with this development path and as an alternative stagnated.
The results of Dogecoin’s lackluster efficiency is that its market capitalization has declined in comparison with that of different large-cap altcoins. Whereas DOGE was capable of preserve its No. 10 spot for many of 2023, the brand new yr is not as favorable.
Tron’s market capitalization crossed the $12 billion mark after a 5% worth improve final week. This rapidly places it forward of Dogecoin, which remains to be struggling out there. Tron’s market cap is at present $12.25 billion, whereas Dogecoin’s market cap is $11.98 billion.
DOGE worth at $0.084 | Supply: DOGEUSD on Tradingview.com
Meme coin fails to impress
Meme cash like Dogecoin haven’t had the perfect of instances over the previous few months. Whereas many altcoins have recovered and gained 50%, meme cash have did not comply with the identical development. For instance, DOGE fell 3.6% final week alone.
different meme cash, Shiba Inu, the second-largest cryptocurrency by market capitalization, has adopted the identical development, falling 4.7% within the final week alone. Likewise, Solana-based BONK has fallen 14% up to now seven days.
Nonetheless, DOGE might have higher days as its off-chain exercise will increase. In February, the transaction quantity of meme cash confirmed explosive development, with each day transaction quantity exceeding 1 million.
The surge within the variety of each day transactions factors to rising curiosity in meme cash. If this curiosity continues to rise, it may translate into shopping for strain on the token, inflicting DOGE worth to spike.
