Polkadot has taken Dogecoin, DOGE (from the top cryptocurrency list), out of the mix. It is currently the 11ThThe largest cryptocurrency in terms of its market capital. DOGE’s market value is currently at $9.28 billion after it sadly had to let go of its position which is now held by Polkadot with a market value of $9.62 billion.
CoinMarketCap says that DOGE prices are down by 1.09% or at 0.089999 as of the writing.
Even with the increased support from Elon Musk among others, the DOGE price did not change. Michi Lumin (Developer of Dogecoin) recently revealed the availability of a C-library of DOGE building blocks, referred to as Libdogecoin. Dogecoin will be able to seamlessly integrate with different platforms thanks to this library.
Elon Musk says DOGE is a Real Value
In one of his appearances on the podcast “Full Send”, Elon Musk, billionaire entrepreneur and CEO of Tesla, once again pressed on with his unrelenting support for DOGE. “I’m mainly supporting Doge, frankly,” Musk said.
Musk reiterated that Dogecoin isn’t just a dog meme coin; it is not a joke because it has real utility value. Musk also stated that DOGE is more popular than Bitcoin in terms of transaction volumes. Since early August, the price of DOGE hasn’t moved significantly because it’s been hindered by $0.075. As a result, the crypto market appears to be stuck in an era of economic chaos.
But, as other meme projects have no utility value and the token prices are mostly impacted by social media or a popularity vote from influencers and other celebrities, investors aren’t so sure if they should invest long-term in these dog meme coins.
Dogecoin Lags Behind
DOGE’s growth is slowing. DOGE was $0.066 at the start of July. SHIB saw 17% growth, while DOGE only experienced a 1.4% rise. The DOGE token market capitalization has only risen slightly from $8.77 to $9.06 billion.
DOGE’s July 31 count of active addresses was 73,800. This was an increase of as high as 13%. DOGE also had around 105,000 addresses as of July 28. DOGE managed to end July with 96% less transaction volume or 1.53 DOGE.
Social dominance in DOGE rose by 8.49% following a price rise to $0.75. The DOGE price fell by 61%, while social dominance plummeted by 3.3%. DOGE’s social volume further declined by as much as 63%. The ecosystem update was not enough to slow down the growth of Dogecoin’s development transactions. However, they grew by 80%.
DOGE market capital at $9.24 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured Image from Zipmex. Chart by TradingView.com