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

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

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Meme coin Dogecoin is asserting dominance out there as soon as extra. Final week, the digital asset misplaced its prized crypto prime 10 positions when Polkadot (DOT) rallied, and it overtook the meme coin. Nevertheless, because the week attracts to a detailed, DOGE has taken the lead over DOT as soon as extra. 
After spending a couple of week out of the highest 10 cryptocurrencies by market cap checklist, Dogecoin has reclaimed the tenth spot in the marketplace. It’s much less a results of a rally within the worth of Dogecoin and fairly a decline within the worth of Polkadot (DOT) over the previous week.
The place DOGE had seen a worth decline of 6.24% within the final 7 days, Polkadot had suffered a worse destiny, dropping greater than 12% of its worth in the identical time interval. DOT had inevitably misplaced its footing above $7, and its market cap dropped to $7.64 billion.
Dogecoin price chart from TradingView.com
On the time of writing, Dogecoin’s market cap was sitting at $7.9 billion, lower than $300 million increased than the market cap of DOT. Because of this the meme coin isn’t utterly out of the woods, and DOT might overtake the tenth place if DOGE’s worth fails to carry up towards the market.
The re-entry into the crypto prime 10 has not meant a lot for the digital asset. DOGE’s worth continues to be sitting perilously beneath $0.06 and exhibits no signal of any constructive restoration anytime quickly. The bear market has not achieved the cryptocurrency any favors both as a result of it has solely recorded a 0.7% progress within the final 24 hours.
Traders have additionally felt the affect of this decline as profitability has been down during the last couple of weeks. Presently, there are extra Dogecoin traders who’re recording losses than those that are at present in revenue.
A complete of 50% of all wallets holding DOGE are currently in the red, whereas 48% are within the inexperienced. The remaining (2%) are at present sitting in impartial territory. DOGE’s worth can also be greater than 91% down from its all-time excessive worth of $0.70, performing badly in comparison with its fiercest competitor, Shiba Inu.
However, whales proceed to be very lively within the meme coin. Over the past 7 days, massive transactions with values of over $100,000 have come out to a complete quantity of virtually $1 billion. The meme coin additionally boasts greater than 4.4 million holders, indicating sturdy maintain sentiment amongst group members.
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