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Dogecoin Loses 10th Spot in Crypto Rankings to Polkadot, DOGE Price Remains in Range

Sat, 08/06/2022 - 15:08
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Tomiwabold Olajide
Dogecoin now ranks as 11th largest cryptocurrency
Dogecoin Loses 10th Spot in Crypto Rankings to Polkadot, DOGE Price Remains in Range
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Dogecoin has been pushed out of the top 10 cryptocurrencies by market capitalization by Polkadot (DOT). Dogecoin now ranks as the 11th largest cryptocurrency with a market worth of $9.28 billion after relinquishing its previously held 10th position to Polkadot, which now has a market worth of $9.62 billion.

During the week, Japanese cryptocurrency exchange Bitbank added support for the duo of Dogecoin (DOGE) and Polkadot (DOT), as reported.

Dogecoin prices remain in range

Dogecoin's price largely remains unchanged despite a slew of positive news in the week highlighted by a new release, exchange listing and renewed backing from Tesla CEO, Elon Musk.

As reported by U.Today, Michi Lumin, Dogecoin core developer, has announced the initial release of Libdogecoin, a C library of Dogecoin building blocks. Without the requirement for developers to have in-depth knowledge of blockchain technology, Libdogecoin is a C library that enables lightweight direct integration of Dogecoin into several platforms.

During a recent appearance on the "Full Send" podcast, Tesla CEO Elon Musk reiterated his support for Dogecoin. In response to a query on cryptocurrencies, Musk stated, "I'm mainly supporting Doge, frankly," while saying that it had "memes and dogs."

Musk asserts that despite being intended as a "ridiculous joke currency," Dogecoin has "real utility." He stated that compared to Bitcoin, Dogecoin has a larger transaction capacity.

The price of Dogecoin was $0.069 at the time of publication, slightly up over the previous day. Since the beginning of August, its price has been stuck in a range due to a barrier of $0.075. The general cryptocurrency price action remains lackluster as the crypto market continues to be plagued by macroeconomic concerns.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.