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Terra (LUNA) Pushes Dogecoin (DOGE) Out of Top 10

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Fri, 12/03/2021 - 18:11
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Alex Dovbnya
Dogecoin has left CoinMarketCap's top 10, with the native token of the Terra blockchain taking its place
Terra (LUNA) Pushes Dogecoin (DOGE) Out of Top 10
Cover image via stock.adobe.com

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Terra (LUNA) has kicked Dogecoin (DOGE) out of the top 10 on CoinMarketCap, the leading cryptocurrency ranking site.

CMC
Image by coinmarketcap.com

This comes just a day after it had trumped Shiba Inu, another meme coin sensation.  

The staking and governance token of the Terra protocol has been a massive outperformer over the past week, soaring by more than 60%.

This Friday, it is up by yet another 5% despite virtually all major coins being in the red. The LUNA token has set a record high of $69.56.

Bitcoin is down 1% today, continuing its streak of lethargic price action.

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The largest cryptocurrency is trading in tandem with the U.S. stock market, which is currently under pressure after a November jobs report suggested that the Federal Reserve would be emboldened to act more aggressively on tapering.

After its show-stopping rally in early 2021, Dogecoin managed to break into CMC’s top 5 in mid-August, surpassing the Tether stablecoin. In early May, it peaked at number 4, with its market cap surpassing a staggering $90 billion dollars.

However, the cryptocurrency infamously crashed during Elon Musk’s hosting debut on “Saturday Night Live.” It is now down 72.53% from the lifetime peak of $0.731578.

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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.