Dogecoin re-enters Crypto Top 10, but price continues to struggle
Meme coin Dogecoin claims dominance in the market again. Last week, the digital asset lost its prized crypto top 10 positions as Polkadot (DOT) rallied and it took over the meme coin. But as the week draws to a close, DOGE has taken the lead over DOT once again.
Dogecoin makes top 10
After spending about a week out of the top 10 cryptocurrencies by market capitalization, Dogecoin has regained the 10th spot in the market. It is less a result of an increase in the price of Dogecoin and rather a decrease in the price of Polkadot (DOT) in the last week.
Where DOGE had seen a price decline of 6.24% over the past 7 days, Polkadot had suffered a worse fate, losing more than 12% of its value in the same time period. DOT had inevitably lost its footing 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 the market cap of DOT. 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 does not measure up in the market.
DOGE Price is still struggling
The re-entry into the crypto top 10 has not meant much for the digital resource. DOGE’s price remains dangerously below $0.06 and shows no signs of any positive recovery anytime soon. The bear market has also not done the cryptocurrency any favors as it has only registered a 0.7% growth in the last 24 hours.
Investors have also felt the effects of this decline as profitability has been down over the past couple of weeks. Currently, there are more Dogecoin investors who are recording losses than those who are currently in profit.
A total of 50% of all wallets with DOGE are currently in the red, while 48% are in the green. The rest (2%) are currently sitting on neutral territory. DOGE’s price is also down more than 91% from its all-time high of $0.70, and is underperforming its fiercest competitor, Shiba Inu.
Nevertheless, whales continue to be very active in the meme coin. Over the past 7 days, large transactions with values over $100,000 have come out to a total volume of almost $1 billion. The meme coin also boasts more than 4.4 million holders, indicating strong hold among community members.
Featured image from Bitcoinist, chart from TradingView.com
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