Dogecoin meme coin is once again asserting dominance in the market. Last week, the digital asset lost its valuable crypto top 10 positions as Polkadot (DOT) rallied, overtaking the meme coin. However, toward the end of the week, DOGE once again took the lead over DOT.
Dogecoin makes the 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 due less to a price rally in Dogecoin and more to a decline in Polkadot (DOT) price over the past week.
While DOGE had seen its price drop 6.24% over the past 7 days, Polkadot suffered a worse fate, losing more than 12% of its value over the same period. DOT had inevitably lost its stand above $7 and its market cap fell to $7.64 billion.
At the time of writing, Dogecoin’s market cap was $7.9 billion, less than $300 million higher than DOT’s market cap. This means that the meme coin is not completely out of the woods and DOT could take over the 10th position if DOGE’s price fails to keep up with the market.
DOGE Price is still struggling
Re-entering the crypto top 10 hasn’t meant much for the digital asset. DOGE price is still dangerously below $0.06 and shows no signs of a positive recovery anytime soon. The bear market hasn’t done the cryptocurrency any favors either, as it has only seen growth of 0.7% over the past 24 hours.
Investors have also felt the impact of this decline as profitability has fallen in recent weeks. There are currently more Dogecoin investors making losses than those currently making profits.
Overall, 50% of all wallets with DOGE are currently in the red while 48% are in the green. The remainder (2%) are currently sitting in neutral territory. DOGE’s price is also down more than 91% from its all-time high of $0.70 and compares poorly to its closest competitor, Shiba Inu.
Despite this, whales continue to be very active in the meme coin. In the last 7 days, large transactions worth over $100,000 have reached a total volume of almost $1 billion. The meme coin also has more than 4.4 million holders, indicating a strong attitude from community members.
Featured image by Bitcoinist, chart by TradingView.com
Follow Best Owie on Twitter for market insights, updates and the occasional funny tweet…