The struggle to stay in the top 10 has been getting harder for Dogecoin in recent times. This list which comprises the largest coins based on their market cap, has seen entrants come and go, but Dogecoin has managed to retain its position here for the longest time. That is until the bear market had hit in full bloom, and DOGE had a hard time keeping up. Once again, the meme coin has been displaced from the top 10.
Polkadot Takes The Lead
Over the last several weeks, Dogecoin had been able to reclaim the 10th position, which it held through the downtrend. However, with the most recent recovery, Polkadot had seen one of the largest gains, causing its market cap to surge significantly.
The 9% gains in the last 24 hours alone pushed DOT’s price above $7.7, and this brought its market cap to more than $8.6 billion. This put it over $200 million higher than the market cap of Dogecoin, making it the 10th largest cryptocurrency by market cap.
Polkadot had been one of the cryptocurrencies that had found favor in the eyes of investors during the infamous DeFi summer. The gains made from staking made it incredibly popular among investors, and even though its price had taken a hit during the downtrend, the token is now making an impressive comeback.
DOGE trending at $0.0636 | Source: SOLUSD on TradingView.com
Dogecoin Out Of The Game?
Dogecoin still remains one of the most popular cryptocurrencies in the market. The digital asset is down more than 80% from its all-time high price but continues to maintain a high position on the crypto top 10. Transactions remain high on the network even with the low prices.
Data shows that DOGE recorded almost $1 billion in large transactions in the last week alone. These whale transactions were those of $100,000 in value or higher, showing interest from large investors. Its long-term holder composition also remains high, with 67% of all holders having held their tokens for more than one year at this point.
As for Polkadot, the cryptocurrency has begun to register a bullish trend in the short term. It has registered support above $7.6, a coveted price point for the digital asset. There is no telling how long DOT will hold the 10th place, though, as it had previously overtaken Dogecoin for the 10th, but DOGE has reclaimed it not long after.
Nevertheless, for now, the gains recorded by DOT are outpacing DOGE. In the last 7 days, DOT’s price is up 6.57%, whereas DOGE is up only 2.39%.
Featured image from AZ Coin News, chart from TradingView.com
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Source: https://bitcoinist.com/polkadot-dot-dethrones-dogecoin/