DOGE Claims Its Place as Tenth Largest Cryptocurrency by Market Capitalization

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Dogecoin, the world’s first dog-themed meme coin created as a parody of Bitcoin, has delivered two impressive feats as it regained its spot as one of the largest crypto assets by market cap and the second largest Proof-of-Work tokenpost became The Merger.

Dogecoin reclaimed its tenth spot in the list of the largest cryptocurrencies by market capitalization, overtaking Polkadot (DOT) in the ranking. Currently, the valuation gap between DOGE and DOT is about $2.3 billion.

One of the reasons Dogecoin was able to catch up with Polkadot is because of the latter’s price drop of more than 11% in recent days. In other words, DOGE’s rise in the rankings is more that Polkadot is losing its footing than Dogecoin is showing growth.

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Meanwhile, with Ethereum’s The Merge finally completed and the blockchain now using the proof-of-stake system, Dogecoin is now the second largest coin operating on the proof-of-work consensus, second only to Bitcoin in terms of market capitalization.

Like Bitcoin, Dogecoin is mined using proof-of-work, where miners use a lot of energy and computers to solve complex mathematical equations to validate transactions and get DOGE as a reward. Data from the crypto tracking platform Currency.com revealed that miners extract about 14.4 million DOGE every day, which is roughly $841,824 based on the altcoin’s current price, which is then added to the coin’s supply. However, unlike Bitcoin, which has a cap of 21 million BTCs, Dogecoin has no limit.

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Despite this performance, Dogecoin has shown a sustained downward trend for the past 30 days, reaching $0.7087 on August 25 and as low as $0.05631 on September 19. However, market analysts predicted that the meme coin will see a 30% price increase.

Based on the Fibonacci Retracement tool, the August high of $0.089 and the latest low of $0.056 predict a retracement level of 61.8% in the middle of $0.07. If these technical indicators are correct, retail bears could be awakened and a 30% price rally could follow.

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As of Monday, 2:36am ET, DOGE was trading 3.25% at $0.05843 with 24-hour volume of $238,717,958, according to the latest data from CoinMarketCap.

The post DOGE regains its place as the 10th largest cryptocurrency by market capitalization appeared first on International Business Times.

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