Dogecoin Pushed Out Of Top 10 Largest Market Cap Cryptocurrencies

Dogecoin has been pushed out of the top 10 cryptocurrencies by market capitalization by Polkadot (DOT). Dogecoin currently ranks as the 11th largest cryptocurrency with a market value of $9.25 billion after ceding its former 10th place to Polkadot, which now has a market value of $9.72 billion.

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Despite a rush of positive news this week, including a new release, exchange listing, and fresh support from Tesla CEO Elon Musk, the price of Dogecoin has remained roughly steady.

According to CoinCu, Dogecoin core developer Michi Lumin has announced the initial release of Libdogecoin, a C library comprising DOGE building pieces. Libdogecoin is a C library that enables lightweight direct integration of DOGE into numerous platforms without requiring developers to have an in-depth understanding of blockchain technology.

Tesla CEO Elon Musk has expressed his support for DOGE on the Full Send Podcasts. Responding to a question on cryptocurrencies, Musk replied, “I’m mainly supporting DOGE, frankly,” adding that it featured “memes and dogs.” Despite being designed as a “ridiculous joke currency,” Musk claims that DOGE has “real utility.” He claimed that DOGE has a higher transaction capacity than Bitcoin.

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The price of DOGE was $0.07 at the time of publication, slightly up over the previous day. Since the beginning of August, its price has been stuck in a range due to a barrier of $0.075.

DOGE daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.