Dogecoin is once again affirming its lasting role in the cryptocurrency. Last week, the digital asset lost its position in the top 10 of cryptocurrencies following the recovery of Polkadot (DOT), which overtook the meme coin. However, as the week draws to a close, DOGE has once again taken over DOT.
So, after spending a week off the top 10 cryptocurrency by market cap, Dogecoin recovered 10th place. But beware: the result is not so much the Dogecoin price rally, but rather the drop in the price of Polkadot (DOT) over the past week.
While DOGE has indeed seen a 6,24% price drop in the past 7 days, Polkadot has suffered a worse fate, losing more than 12% of its value over the same period of time. DOT inevitably lost ground above $ 7 and its market cap fell to $ 7,64 billion.
At the time of writing, Dogecoin's market cap is $ 7,9 billion, less than $ 300 million more than DOT's market cap. This means that the meme coin is not entirely out of the woods and DOT could surpass XNUMXth position if DOGE's price fails to hold its own against the market.
Although intuitive, the return to the top 10 of cryptocurrencies has no particular significance for the digital asset. The price of DOGE is still below $ 0,06 and shows no sign of a positive recovery in the short term. The bear market did not favor the cryptocurrency, which has only seen growth of 0,7% in the past 24 hours.
Investors have also suffered from this decline as profitability has declined over the past two weeks. Currently, there are more investors in Dogecoin who are making losses than there are currently in profit. 50% of all portfolios holding DOGE are currently in the red, while 48% are in green. The remainder (2%) is currently in neutral territory. The price of DOGE also dropped by more than 91% from its all-time high of $ 0,70, with a negative performance compared to its fiercer competitor. Shiba Inu.
Nonetheless, whales continue to be very active in meme money. In the past 7 days, large transactions with values over $ 100.000 have reached a total volume of nearly $ 1 billion. The meme coin also boasts more than 4,4 million owners, which indicates a strong feeling of ownership among members of the community.