The fight to stay in the top 10 has become more difficult for Dogecoin lately. This list, which includes the largest coins based on market capitalization, has seen entrants come and go, but Dogecoin has managed to hold its position here for the longest time. That is, until the bear market peaked, and DOGE struggled to keep up. Once again, the meme currency was dislodged from the top 10.
Polkadot takes the lead
Over the past few weeks, Dogecoin has been able to reclaim the 10th position, which it held throughout the downward trend. However, with the most recent recovery, Polkadot has recorded one of the strongest gains, which has caused its market capitalization to jump significantly.
The 9% gains over the past 24 hours have pushed DOT’s price above $7.7, bringing its market cap to more than $8.6 billion. This surpasses Dogecoin’s market capitalization by more than $200 million, making it the 10th largest crypto-currency by market capitalization.
Polkadot had been one of the crypto-currencies that had found favor with investors during the summer of DeFi. The gains made from staking made it popular with investors, and although its price had taken a hit during the downtrend, the token is now making an impressive comeback….
Dogecoin out of the picture?
Dogecoin still remains one of the most popular crypto-currencies on the market. The digital asset is down more than 80% from its peak price, but continues to maintain a high position in the top 10 crypto-currencies. Transactions remain high on the network, even with the low prices.
Data shows that DOGE recorded nearly $1 billion in large transactions last week alone. These whale trades were those worth $100,000 or more, showing interest from large investors. The composition of its long-term holders also remains high, with 67% of all holders having held their tokens for more than a year at this point.
As for Polkadot, the crypto-currency has started to register a short-term uptrend. It has registered support above $7.6, a coveted price point for the digital asset. It’s impossible to say how long DOT will hold the 10th spot, however, as it had previously overtaken Dogecoin for the 10th spot, but DOGE reclaimed it soon after.
Nonetheless, for now, the gains recorded by DOT exceed those of DOGE. Over the past 7 days, DOT’s price has risen by 6.57%, while DOGE has only risen by 2.39%.