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Elon Musk Fails to Push Dogecoin Above Polkadot with Viral Photo of His Dog

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Tue, 09/14/2021 - 06:54
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Alex Dovbnya
Polkadot maintains a commanding lead above Dogecoin despite Elon Musk’s viral Shiba Inu photo
Elon Musk Fails to Push Dogecoin Above Polkadot with Viral Photo of His Dog
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Polkadot, the native cryptocurrency of the eponymous nominated proof-of-stake blockchain, recently surpassed meme cryptocurrency Dogecoin by market capitalization.

According to CoinMarketCap data, Polkadot is currently valued at $35 billion, which is almost $4 billion higher than that of the canine coin.

As reported by U.Today, Tesla CEO Elon Musk posting a photo of his Shiba Inu dog resulted in only a short-term price spike for Dogecoin, while one of its offshoots posted triple-digit gains.

The fact that Dogecoin failed to log any sustained gains because of the viral photo is the latest sign that Musk’s influence on the price action of the joke cryptocurrency continues to wane.

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The Bitcoin parody is now on the cusp of slipping below USD Coin (USDC) on CoinMarketCap.

As reported by U.Today, Dogecoin managed to surpass Tether, the leading stablecoin, in mid-April, but its monstrous rally lost steam in early May.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.