Dogecoin (DOGE) Drops from Top 10 Cryptocurrencies

Feb. 13, 2024
Dogecoin (DOGE) Drops from Top 10 Cryptocurrencies

Dogecoin (DOGE) was once celebrated for its unexpected rise from a meme to a major digital asset. However, it has now fallen out of the top 10 cryptocurrencies by market capitalization, according to data from CoinMarketcap.

This development comes as Chainlink (LINK) ascends into the top 10. It reflected the dynamic and ever-changing landscape in the digital currency space as Chainlink (LINK) managed to gain entry into the top 10.

With that, Bitcoin (BTC) and Ethereum (ETH) remain at the top, while Chainlink (LINK) secures its position within the top ten, and Dogecoin must be contented with just short of this elite group.

Chainlink Achieves Top 10 Status

The shuffling of positions within the top 10 cryptocurrencies shows the volatile cryptocurrency markets. Chainlink’s ascent into the top 10 signifies the increasing fascination with DeFi solutions.

It also underscores the pivotal function of oracles in bridging blockchain technologies with real-world data. Chainlink’s market cap is now close to $12 billion after its price hiked to $20.29.

Furthermore, the rise of other altcoins, such as LINK, represents a wider narrative. Investors are extending their horizons from the more dominant digital currencies and scouting for potential growth opportunities across the larger ecosystem, including Solana.

Dogecoin’s Community Resilience

However, This recent displacement from the top 10 has not discouraged Dogecoin. It has shown amazing staying power. Proof of this is its ability to appeal to the community’s imagination.

Dogecoin’s journey from a lighthearted joke to briefly overshadowing established players like Tether (USDT) in market capitalization showcases its unique ability to capture imaginations.

This highlights the cryptocurrency’s remarkable evolution and impact on the digital currency landscape. Celebrity endorsements or a great community might explain the success. These factors add to the undeniable allure of the project.

This isn’t the first time Dogecoin has dropped out of the top ten in recent months. Just last month, Avalanche (AVAX) booted it out, for example. However, it always makes its way back. This indicates that Dogecoin is seeing cyclic popularity, along with cyclic investment interest.

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Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.