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Analysis

Dogecoin Re-enters Crypto Top 10, But Price Continues To Struggle

Meme coin Dogecoin is asserting dominance within the market as soon as extra. Last week, the digital asset misplaced its prized crypto prime 10 positions when Polkadot (DOT) rallied, and it overtook the meme coin. However, because the week attracts to a detailed, DOGE has taken the lead over DOT as soon as extra. 

Dogecoin Makes Top 10

After spending a few week out of the highest 10 cryptocurrencies by market cap record, Dogecoin has reclaimed the tenth spot on the market. It is much less a results of a rally within the price of Dogecoin and quite a decline within the price of Polkadot (DOT) over the previous week.

Where DOGE had seen a price decline of 6.24% within the final 7 days, Polkadot had suffered a worse destiny, dropping greater than 12% of its worth in the identical time interval. DOT had inevitably misplaced its footing above $7, and its market cap dropped to $7.64 billion.

Dogecoin price chart from TradingView.com

At the time of writing, Dogecoin’s market cap was sitting at $7.9 billion, lower than $300 million greater than the market cap of DOT. This implies that the meme coin will not be utterly out of the woods, and DOT may overtake the tenth place if DOGE’s price fails to carry up in opposition to the market.

DOGE Price Still Struggles

The re-entry into the crypto prime 10 has not meant a lot for the digital asset. DOGE’s price continues to be sitting perilously beneath $0.06 and reveals no signal of any constructive restoration anytime quickly. The bear market has not achieved the cryptocurrency any favors both as a result of it has solely recorded a 0.7% development within the final 24 hours.

Investors have additionally felt the impression of this decline as profitability has been down over the past couple of weeks. Presently, there are extra Dogecoin traders who’re recording losses than those that are at the moment in revenue.

A complete of 50% of all wallets holding DOGE are currently in the red, whereas 48% are within the inexperienced. The relaxation (2%) are at the moment sitting in impartial territory. DOGE’s price can also be greater than 91% down from its all-time excessive price of $0.70, performing badly in comparison with its fiercest competitor, Shiba Inu.

Nevertheless, whales proceed to be very energetic within the meme coin. Over the final 7 days, massive transactions with values of over $100,000 have come out to a complete quantity of virtually $1 billion. The meme coin additionally boasts greater than 4.4 million holders, indicating robust maintain sentiment amongst group members.

Featured picture from Bitcoinist, chart from TradingView.com

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