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

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

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.

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.