Dogecoin has remained among the many prime 10 cryptocurrencies by market capitalization after a powerful run in 2021, pushed by billionaire Elon Musk. Nevertheless, Dogecoin has been dealing with robust occasions after a protracted bear market that triggered a 90% drop. Costs drop. Because of this, DOGE’s market capitalization has plummeted and it’s now susceptible to shedding its standing as a top-10 cryptocurrency.
Tron (TRX) and Chainlink (LINK) observe Dogecoin
The worth of Dogecoin fell beneath $0.08 once more, and the market worth fell to about $11.2 billion. With such a low market capitalization, memecoins solely quickly occupy the tenth spot on the record of the biggest cryptocurrencies by market capitalization.
Different altcoins like Tron and Chainlink fare higher on this regard, with their native tokens TRX and LINK performing extraordinarily properly during the last yr. Even simply final week, whereas DOGE’s worth fell by 1.5%, each altcoins noticed double-digit beneficial properties, inflicting their market caps to soar.
On the one hand, Tron (TRX) gained over 10% final week and is up 3.55% previously 24 hours. These beneficial properties push its market capitalization to over $10.9 billion, near Dogecoin’s $11.2 billion market capitalization. This solely accounts for a $300 million distinction, and even when TRX have been 5% beneath this stage, the altcoin can be forward of Dogecoin.
Likewise, Chainlink’s LINK additionally had a bullish week after rising over 16% in seven days. Regardless of a 3.29% drop on the final day, its market capitalization stays extremely excessive at $10.8 billion, simply $400 million away from reaching Dogecoin’s market capitalization. Like TRX, a 5% rise from right here would put LINK’s market cap above DOGE, because it did two days in the past.
Can DOGE cease threats to its place?
Dogecoin didn’t observe the identical development sample as most different large-cap shares within the cryptocurrency area and suffered large losses because of this. So as to keep its place among the many prime 10 cryptocurrencies by market capitalization, memecoins should have a sure upward development.
Now, as Bitcoinist stories, Dogecoin has seen vital adoption over the previous two weeks. Nevertheless, this development has not translated into its worth, which has slowly declined during the last month. This implies that whereas it has been adopted, promoting stress continues to overwhelm patrons, inflicting costs to fall additional.
If TRX and LINK proceed to rise this week and DOGE fails to rise, the Meme coin might fall out of the highest 10. On the time of writing, DOGE worth is trending at $0.078, accounting for a 0.28% decline on the each day chart.
DOGE worth stays low at $0.078 | Supply: DOGEUSD On Tradingview.com
Featured picture from Motley Idiot, chart from Tradingview.com
