Top memecurrency Dogecoin (DOGE) is back in top ten cryptocurrencies after quite some time. For this whole period, Polkadot (DOT) was holding the position. However, with DOT losing ground within the past several days, DOGE got the chance to claim its position within the top ten crypto assets by market capitalization.
Dogecoin (DOGE) surpassed Polkadot (DOT) with a bang: the difference between market capitalization of both the cryptocurrencies accounts for more than 500 billion USD at the time of writing. Polkadot (DOT) witnessed a significant decline of more than 21% within the past seven days.
Broader crypto market, including Dogecoin (DOGE), had been struggling during the same time though. Yet the parachains ecosystem network had been through relatively tough times. Meanwhile, top meme currency also dropped by more than 12% during the same timeframe.
Dogecoin is apparently the second cryptocurrency with proof-of-work consensus mechanism, after the leading cryptocurrency by market cap bitcoin (BTC) in top ten crypto assets. Top smart contracts compatible network Ethereum (ETH) left this position after its transition to proof-of-stakes after the merge upgrade.
Dogecoin Under the Identity Threat
Top memecoin has huge popularity within the crypto community. The community support itself is one of the crucial reasons for DOGE to stay at top position. Still popularity alone is not enough for a project to stay relevant. Anticipating the dire need of being relevant within the crypto space, the Dogecoin developers indulged in different projects focusing on developing the ecosystem.
One of the factors behind Dogecoin popularity is Tesla CEO and multi billionaire entrepreneur Elon Musk. Musk has supported the memecoin on many instances, from conferences to events to his social media.
Such out of the way marketing and promotion of Dogecoin created problems for Musk. A lawsuit was filed against Tesla CEO accusing him of using his dominance and popularity to influence DOGE price.
Meanwhile, DOGE price is around 0.056 with a drop of more than 8% within the last 24 hours.
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