Dogecoin’s Position in Top 10 Cryptocurrencies at Risk
Dogecoin, the meme coin that gained popularity due to Elon Musk’s endorsement, is facing a tough time after a prolonged bear market. This has resulted in a 90% price decline and a significant drop in its market cap. As a result, Dogecoin is now at risk of losing its position in the top 10 cryptocurrencies.
Tron and Chainlink Close Behind
While Dogecoin struggles, other altcoins like Tron (TRX) and Chainlink (LINK) have been performing well. Both TRX and LINK have experienced double-digit gains in the past week, boosting their market caps.
TRX has seen a 10% increase over the week and is currently up by 3.55% in the last 24 hours. Its market cap of $10.9 billion is dangerously close to Dogecoin’s $11.2 billion market cap. Similarly, LINK has risen by more than 16% in the past week, with a market cap of $10.8 billion.
Can Dogecoin Maintain Its Position?
Dogecoin’s failure to follow the growth pattern of other large-cap cryptocurrencies has resulted in its decline. Despite significant levels of adoption, Dogecoin’s price continues to drop due to selling pressure outweighing buying interest.
If TRX and LINK continue their upward momentum while Dogecoin remains stagnant, there is a possibility that Dogecoin could fall out of the top 10 cryptocurrencies. Currently trading at $0.078, Dogecoin has experienced a 0.28% loss on the daily chart.
Hot Take: The Uncertain Future of Dogecoin
Dogecoin’s position in the top 10 cryptocurrencies is at risk due to its recent bear market performance. While altcoins like TRX and LINK have seen significant gains, Dogecoin has struggled to maintain its value. Despite increasing adoption, the selling pressure on Dogecoin continues to push its price down.
If Dogecoin fails to see an upward movement soon, it may be overtaken by TRX and LINK in terms of market cap. The future of Dogecoin remains uncertain as it battles to stay in the top 10 cryptocurrencies.
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