Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant?

Dogecoin (DOGE) has been just lately pushed apart by Polkadot (DOT) from the highest cryptocurrencies listing as it’s now the 11th greatest crypto by way of market cap. DOGE’s market worth is presently at $9.28 billion after it sadly needed to let go of its place which is now held by Polkadot with a market worth of $9.62 billion.

In line with CoinMarketCap, the DOGE value is 1.09% down or at 0.06899 as of this writing.

DOGE value remained the identical regardless of the constructive sentiment within the crypto house spiked by the help of Elon Musk, amongst different issues. Michi Lumin, Developer of Dogecoin, has just lately introduced the discharge of a C library of DOGE constructing blocks coined as Libdogecoin. This library permits Dogecoin to combine into completely different platforms.

Elon Musk Says DOGE Has Actual Worth

In one among his appearances on the podcast “Full Ship”, Elon Musk, billionaire entrepreneur and CEO of Tesla, as soon as once more pressed on along with his unrelenting help for DOGE.   “I’m primarily supporting Doge, frankly,” Musk stated.

Musk reiterated that Dogecoin isn’t only a canine meme coin; it’s not a joke as a result of it has actual utility worth. He additionally stated that compared to Bitcoin, DOGE has a a lot larger transaction quantity. Since early August, the value of DOGE hasn’t moved considerably as a result of it’s been hindered by $0.075. The crypto market appears to be in a coma as it’s being bombed by a variety of macroeconomic issues.

However, as different meme tasks don’t have any utility worth and the token costs are largely impacted by social media or a reputation vote from influencers and different celebrities, traders aren’t so positive if they need to make investments long-term in these canine meme cash.

Dogecoin Lags Behind

DOGE is lagging behind by way of development. In the beginning of July, the DOGE value is at $0.066. SHIB grew by 17% however DOGE value solely registered a development of 1.4%. DOGE token market cap solely elevated a bit from $8.77 billion to only $9.06 billion.

On July 31, DOGE had 73,800 energetic addresses that grew by as a lot as 13% or round 105,000 addresses at one level on July 28. DOGE was capable of shut July with a plunge in transaction quantity by 96% or 1.53 DOGE.

The social dominance of DOGE elevated by 8.49% after the value racked as much as $0.75. DOGE value plunged by 61% as social dominance nosedived by 3.3%. DOGE’s social quantity additional declined by as a lot as 63%. Developmental transactions inside the Dogecoin community grew by 80% regardless of the dearth of ecosystem updates.

DOGE complete market cap at $9.24 billion on the day by day chart | Supply:

Featured picture from Zipmex, chart from

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