Dogecoin has fallen over 6% in the last 24 hours, putting it below Polygon (MATIC) on the market cap list.
Dogecoin has fallen by 6% in the last 24 hours
As with the broader cryptocurrency market, DOGE started 2023 well as the price of the meme coin rose. However, the asset appears to have reversed the trend last week as it saw a tough downward trajectory instead.
At the time of writing, Dogecoin is trading around $0.0821, down 6% over the past 24 hours.
Looks like the value of the crypto has gone down in recent days | Source: DOGEUSD on TradingView
As you can see in the chart above, Dogecoin has seen a gradual decline for most of the last week, but the last day or so has been even more severe.
In general, over the past seven days, DOGE has fallen in price by about 10%. As a result of this drop, the asset’s monthly gain is now only 5%, suggesting that the decline has wiped out a significant portion of the gains that the cryptocurrency has accumulated previously.
However, in terms of year-to-date earnings, Dogecoin is still making a decent profit of around 17%. However, these gains pale in comparison to some other assets in the sector, such as Bitcoin, which is up over 32% in the same period, or Shiba Inu, which further outperformed DOGE with its 53% gain.
Just yesterday, Dogecoin was the top-selling token among the top 100 BNB Smart Chain (BSC) whales, according to whale tracking service WhaleStatsBSC:
📰 ONLY IN: $DOGE @dogecoin flipped over $ADA for the MOST TRADING token among the top 100 #BSC whales
Check out the top 100 whales here: https://t.co/0SYnjw0xQs
(and hodl $bbw to see data for the top 4000!)#DOJ #HELL #whalestats #baby whale #bbw pic.twitter.com/scQGaJV8pu
— WhaleStats — 1000 BSC top list (@WhaleStatsBSC) February 8, 2023
However, given that the price of the meme coin has rather declined since then, this increased activity on the part of the BSC whales was probably not buying, but selling.
Polygon flips DOGE on the market cap list
Due to the recent decline, Dogecoin has lost its place in the list of top cryptocurrencies by market capitalization as Polygon’s higher strength means it has overtaken the meme coin. DOGE ranks last in the top 10.
Before MATIC flipped the coin, it remained untouched in 9th for an extended period of time, even moving up to 8th a few times before Cardano (ADA) eventually pulled ahead.
Here is a table that shows where Dogecoin is currently in the broader sector:
DOGE seems to have a market cap of around $10.9 billion currently | Source: CoinMarketCap
While Dogecoin is right on the edge of the top 10 right now, it is currently in no danger of dropping to 11th place as the gap between the meme coin and Solana (SOL) is still quite large. DOGE is also still very close to MATIC so if the coin comes back up it could easily reclaim 9th place.
The table also shows that the rival coin SHIB is still only in the 13th position, a fair distance from DOGE.
Credit : www.newsbtc.com
