Dogecoin (DOGE) Price Crashes Despite Reclaiming TOP 10 By Market Capitalization

Dogecoin (DOGE) Price Crashes Despite Reclaiming TOP 10 By Market Capitalization

Elon ‘The Dogefather’ Musk’s endorsement of Dogecoin (DOGE) nearly a year and a half ago on the Saturday Night Live show seems to have backfired, as the top memecoin’s market value plunged by over ¾ since then.

Despite the success of the recent Mr. Musk’s Twitter Whistleblower campaign, it seems that Dogecoin’s (DOGE) market price seems barely affected by The Dogefather’s constant support of the DOGE Army. Interestingly, according to data metrics by Revondo, Dogecoin (DOGE) is likely to hit $0.05975 in the next 24 hours.

How Much Does DOGE Market Price Influence Adoption Speed?

In spite of the Crypto Fear & Greed Index pointing once again to the Extreme Fear mood at 21, some crypto enthusiasts on Twitter argue that Dogecoin’s (DOGE) price doesn’t always reflect the real situation. On one hand, Dogecoin (DOGE) has gone through a great deal of technical upgrades, including the C-Library update and the upcoming Layer-2 solution. Dogecoin (DOGE) developers joined forces with Blue Pepper for a year-end release.

Meanwhile, Dogechain, the unofficial Layer-2 solution for DOGE Army, has also gained popularity and had over $300M in Dogecoin (DOGE) bridged, despite the fact that DOGE’s founder Billy Markus a.k.a Shibetoshi Nakamoto turned down a luscious $13 million advertising offer from Dogechain.

At press time, Elon Musk’s beloved Dogecoin (DOGE) trades at $0.056380, dwelling 8.4% in the red zone for the past 24 hours. Moreover, the remorseless bears have put the popular canine coin in a 11.2% deficit for the last 7 days.

Dogecoin (DOGE) Regains 10th Position Amid Brutal Bear Market

Despite falling below the favorable support line at $0.06, the dog-themed cryptocurrency won back the 10th spot by total market capitalization. Previously, the Polkadot (DOT), the crypto OG that was established in 2016 by a former Ethereum (ETH) co-founder Gawin Wood, overtook Dogecoin (DOGE) on August 8th, 2022.

This comes just days after Dogecoin (DOGE) became the 2nd largest Proof of Work (PoW) cryptocurrency, only trailing Bitcoin (BTC). At press time, Dogecoin’s (DOGE) total market cap stands at $7,497,499,427, according to CoinGecko.

On the other hand, Polkadot (DOT) is still close at $7,133,416,278. However, climbing up the crypto charts might not be easy for Dogecoin (DOGE), as both Cardano (ADA) & Solana (SOL), the 8th and 9th positions respectively, are leading by over $3 million.

On the Flipside

  • The continuous public support for Dogecoin (DOGE) has brought about a $258B lawsuit on Elon ‘The Dogefather’ Musk.
  • The world’s richest man is allegedly blamed for building The DOGE Pyramid.
  • Dogecoin (DOGE) is among the hardest hit by the Terra (LUNA) infused crypto massacre, dropping by a whopping 75.7% in yearly terms.

Why You Should Care

DOGE Army is one of the widest communities in the crypto world. The Japanese-dog themed memecoin is supported by various celebrities including Mark Cuban, Snoop Dogg, Lil Yachty, Ice Cube, Mia Khalifa and others.

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