As the market tried to recoup the losses of September 19, Dogecoin had an opportunity to reach among the top 10 cryptocurrencies. Dogecoin currently excludes Polkadot (DOT) first with a margin of almost $1 million.
Dogecoin is back in the top 10
The leading meme coin proves how serious it is with this move. On September 19, most altcoins fell in double digits despite last week’s successful Ethereum rise. Ethereum (ETH) was the most depreciated altcoin, losing 20% at one point.
Meanwhile, Dogecoin price has rebounded just as quickly today after losing 6%. Thanks to the momentum it gained, it surpassed Polkadot (DOT), one of its top 10 competitors, and reached among the largest cryptocurrencies. As of September 20, Dogecoin, which is in 10th place by market capitalization, surpasses its rival Polkadot with 1 million dollars.
Why is Dogecoin growing?
One of the reasons DOGE’s growth has been linked to the fact that it has shown an increase in volume over the past few days. Volume increased from 202.16 million on 20 September to 344.45 million.
Moreover, Dogecoin has also seen an increase in the number of active addresses. Addresses increased from 113k on September 15 to 120,000 on September 18. As can be seen from the image below, DOGE’s speed has also been greatly increased. Thus, it shows that the meme coin is used more frequently in transactions.
Another community that might be interested in DOGE is the miners community. Dogecoin now attracts miners when it is among the few PoW Blockchains. In fact, Dogecoin’s hash rate has increased by 4.01% over the past week. Thus, it is worth noting that Blockchain is more secure and this development may attract more miners.
But all is not well for DOGE at the moment. Dogecoin has lost some of its social media popularity. In the past month, DOGE’s social mentions tumbled by 29.02% and their social interactions decreased by -39.52%. The depreciating social media presence is having a negative impact on the future of memecoin. Also, whales have been losing interest in memecoin over the past month. The number of addresses with balances of more than $1 million is on the decline. Additionally, the number of wallets has lost 12.48% in the last 30 days.
Polkadot’s poor performance also played a big part in DOGE’s top 10 reach
On the other hand, Polkadot is seeing a decline in social media presence. This is the reason why many investors have lost faith in the token. While things are looking positive for Dogecoin, investors should be cautious as meme coins are known to be very volatile. As you follow on Kriptokoin.com, billionaires like Elon Musk, who exploded the price of DOGE in the past, can change their trajectory again with any new update.
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