Dogecoin Down 6%, Slips Below Polygon On Market Cap List

Keshav Verma

2 years ago

3 mins read

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Dogecoin has declined by more than 6% in the past 24 hours, something that has resulted in it dropping below Polygon (MATIC) on the market cap list.

Dogecoin Plunges 6% In The Last 24 Hours

Just like the wider cryptocurrency market, DOGE had started the year 2023 well, with the meme coin’s price enjoying an uptrend. In the past week, however, the asset seems to have completely reversed the trend as it has been observing a hard downward trajectory instead.

At the time of writing, Dogecoin is trading around $0.0821, down 6% in the last 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 above graph, Dogecoin had been seeing a gradual decline for most of the past week, but in the last day or so, the drawdown has been even more severe.

Overall, in the last seven days, DOGE has dropped in value by around 10%. As a result of this plunge, the monthly gains of the asset now stand at only 5%, suggesting that the decline has erased a significant amount of the profits that the cryptocurrency had earlier accumulated.

In terms of the year-to-date returns, though, Dogecoin is still in decent profits of about 17%. However, these gains pale in comparison to some of the other assets in the sector, like Bitcoin, which is up by more than 32% in the same period, or Shiba Inu, which has beaten DOGE even worse with its 53% profits.

Just yesterday, Dogecoin was the most traded token among the 100 largest BNB Smart Chain (BSC) whales, according to data from the crypto whale tracker service WhaleStatsBSC:

📰 JUST IN: $DOGE @dogecoin flipped $ADA for MOST TRADED token among top 100 #BSC whales

Check the top 100 whales here: https://t.co/0SYnjw0xQs

(and hodl $BBW to see data for the top 4000!)#DOGE #ADA #whalestats #babywhale #BBW pic.twitter.com/scQGaJV8pu

— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 8, 2023

However, given that the price of the meme coin has rather seen a decline since then, this elevated activity from the BSC whales was likely not for buying, but for selling instead.

Polygon Has Flipped DOGE On Market Cap List

With the latest decline, Dogecoin has dropped a spot in the top crypto by market cap list, as Polygon‘s better strength has meant that it has overtaken the meme coin. DOGE is now dead last in the top 10.

Before being flipped by MATIC, the coin had been untouched at the 9th place for an extended period of time, even going up to 8th a few times, before Cardano (ADA) eventually took a significant lead.

Here is a table that shows where Dogecoin stands in the wider sector right now:

DOGE seems to have a market cap of around $10.9 billion currently | Source: CoinMarketCap

While Dogecoin is now right on the edge of the top 10, it’s currently not at much risk of dropping to 11th, 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 retraces upward, it can easily regain the 9th spot.

From the table, it’s also visible that rival coin SHIB is still only at the 13th position, a decent distance away from DOGE.

Featured image from Kanchanara on Unsplash.com, chart from TradingView.com

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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