Dogecoin’s meme coin is once again claiming dominance on the crypto market. Polkadot, which rallied last week to take the top crypto 10 spots, saw the digital asset lose its precious position. DOGE now leads DOT as we draw to a close.
Dogecoin is in the Top Ten
Dogecoin is now at the 10th position on the market, having spent about one week of the top 10 cryptocurrency market caps. The decline in Polkadot prices over the past week is more likely to be the cause of the Dogecoin price rally than a surge in Dogecoin.
DOGE saw a drop in its price by 6.24% over the past 7 days. But Polkadot was more affected, having lost more that 12% in the same period. DOT was unable to sustain its $7.6 billion market cap and had lost its foundation.
At the time of writing, Dogecoin’s market cap was sitting at $7.9 billion, less than $300 million higher than the market cap of DOT. This means that the meme coin is not completely out of the woods, and DOT could overtake the 10th position if DOGE’s price fails to hold up against the market.
DOGE Price Still Struggles
For the digital asset, the re-entry to the crypto top 10 was not a positive one. DOGE’s price is still sitting perilously below $0.06 and shows no sign of any positive recovery anytime soon. The cryptocurrency has suffered from a bear market that has resulted in a 0.7% decline over 24 hours.
This decline has also had an impact on investors, as the profitability of Dogecoin fell over the past few weeks. Currently, Dogecoin investors are reporting more losses than they are making profit.
Only 50% of wallets that hold DOGE have a balance in red. 48% of them are green. The remaining 2 percent are in neutral. DOGE’s price is also more than 91% down from its all-time high price of $0.70, performing badly compared to its fiercest competitor, Shiba Inu.
However, the meme coin continues to see whales active. The total amount of transactions exceeding $100,000 has risen to nearly $1 billion in the last seven days. Additionally, the meme coin boasts over 4.4 million holders. This is a strong sign of community hold sentiment.
Featured image by Bitcoinist. Chart from TradingView.com
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