Polkadot (DOT) dethrones Dogecoin to join Crypto Top 10
The fight to stay in the top 10 has become tougher for Dogecoin recently. This list of the largest coins based on their market capitalization has seen entrants come and go, but Dogecoin has managed to maintain its position here for the longest time. That is until the bear market was in full swing, and DOGE had a hard time keeping up. Once again, the meme coin has been displaced from the top 10.
Polkadot takes the lead
Over the past few weeks, Dogecoin had been able to regain the 10th position, which it held throughout the downtrend. However, with the latest rally, Polkadot had seen one of the biggest gains, causing its market cap to increase significantly.
The 9% gains in the last 24 hours alone pushed DOT’s price above $7.7, bringing its market cap to more than $8.6 billion. This put it over $200 million higher than the market cap of Dogecoin, making it the 10th largest cryptocurrency by market cap.
Polkadot had been one of the cryptocurrencies that had found favor in the eyes of investors during the infamous DeFi summer. The profit from the stake made it incredibly popular among investors, and although the price had taken a hit during the downtrend, the token is now making an impressive comeback.
DOGE trending at $0.0636 | Source: SOLUSD on TradingView.com
Dogecoin out of the game?
Dogecoin remains one of the most popular cryptocurrencies on the market. The digital asset is down more than 80% from its all-time high price, but continues to maintain a high position in the crypto top 10. Transactions remain high on the network even with the low prices.
Data shows that DOGE recorded nearly $1 billion in large transactions in the past week alone. These whale transactions were of $100,000 in value or higher, indicating interest from large investors. Its long-term holder composition also remains high, with 67% of all holders holding their tokens for more than a year at this point.
As for Polkadot, the cryptocurrency has started to register a bullish trend in the short term. It has registered support above $7.6, a coveted price point for the digital asset. However, there is no telling how long DOT will hold the 10th spot, as it had previously passed Dogecoin for 10th, but DOGE has regained it not long after.
Nevertheless, for now, the gains recorded by DOT exceed DOGE. Over the past 7 days, DOT’s price has risen 6.57%, while DOGE is only up 2.39%.
Featured image from AZ Coin News, chart from TradingView.com
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