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Tron (TRX) looks set to overtake Dogecoin (DOGE), the king of meme coins, in market rankings as the meme coin continues to face a drawdown. DOGE continues to face volatility with its price on a decline in the last 24 hours, dipping by over 1.5%. This development could impact the overall performance of Dogecoin in the cryptocurrency market.
Dogecoin's price slips as market cap gap narrows
According to CoinMarketCap data, Dogecoin is changing hands at $0.2159, down by 1.04% in the last 24 hours.
The meme coin had climbed to a peak of $0.2196 before recording a correction in the market. The downward movement has been on for a while as the meme coin lost 2.07% in the last seven days.
Despite the price volatility, trading volume remains high, up by 109.11% to $1.99 billion. This continued interest has given investors confidence that the asset might rebound shortly.
However, failure to see its price bounce back could see Tron overtake it as the difference in market capitalization has been significantly reduced.
Notably, Dogecoin’s market capitalization currently stands at $32.53 billion and is only $0.58 billion ahead of Tron.
Tron, with a market cap of $31.95 billion, stands at the ninth position in the ranking of crypto assets. If Tron bulls step in, this could push the price of the asset higher and positively impact the market cap and edge out DOGE from the eighth position.
Tron whales and network strength fuel growth
As U.Today reported, Tron whales recently engaged in big transactions, moving $6.95 billion worth of USDT in a single day.
The blockchain’s low fees and speed have made it a huge attraction to users on different exchanges, supporting its bullish rebound.
However, Kaleo, a notable crypto trader, is betting on Dogecoin to recover based on technical indicators.
He believes that DOGE is long overdue for a god candle in its Bitcoin pairing. The analyst believes that the meme coin could record a bullish trigger soon. Such a development could delay Tron’s move to overtake it.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team