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Dogecoin Re-enters Crypto Top 10, But Price Continues to Struggle

Dogecoin Re-enters Crypto Top 10, But Price Continues to Struggle

Dogecoin Re-enters Crypto Top 10, But Price Continues to Struggle

Memecoin Dogecoin once again asserts its market dominance. Last week, the digital asset lost its estimated 10 crypto positions as Polkadot (DOT) rallied and outperformed the meme coin. However, toward the end of the week, DOGE once again took the lead over DOT.

Dogecoin Makes Top 10

After spending about a week outside of the top 10 cryptocurrencies by market cap, Dogecoin has reclaimed the 10th spot in the market. This is less the result of Dogecoin’s price surge and more of Polkadot (DOT)’s price drop over the past week.

While DOGE saw its price drop 6.24% over the past 7 days, Polkadot was unlucky, losing more than 12% of its value over the same period. DOT had inevitably lost its stand above $7 and its market cap had shrunk to $7.64 billion. At the time of writing, Dogecoin’s market cap was $7.

9 billion, less than $300 million more than DOT’s market cap. This means that the meme coin is not completely out of the woods and DOT could reach 10th place if DOGE’s price doesn’t stand up to the market.

DOGE Price Still Struggles

The re-entry into the crypto top 10 has not meant much for the digital asset. DOGE’s price is still sitting perilously below $0.06 and shows no sign of any positive recovery anytime soon. The bear market has not done the cryptocurrency any favors either because it has only recorded a 0.7% growth in the last 24 hours.

Investors have also felt the impact of this decline as profitability has been down over the last couple of weeks. Presently, there are more Dogecoin investors who are recording losses than those who are currently in profit.

A total of 50% of all wallets containing DOGE are currently in the red zone, while 48% are in the green zone. The rest (2%) are currently in neutral territory. DOGE’s price is also more than 91% below its all-time high of $0.70, making it a poor performer compared to its closest competitor, the Shiba Inu. However, whales remain very active in the meme currency.

During the last 7 days, large transactions valued at more than $100,000 reached a total volume of almost $1 billion. The meme coin also has over 4.4 million owners, indicating a strong sense of connection among community members.

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