Dogecoin has seen abysmal efficiency within the final yr, even whereas the likes of Bitcoin and Ethereum went on to hit new yearly highs. On the again of this poor efficiency, different altcoins have been creeping up of their market cap to problem Dogecoin’s place within the high 10 cryptocurrencies by market cap checklist. And now, after one other week of stalling behind the market, Dogecoin has misplaced its place on this checklist.
Dogecoin Loses tenth Spot To Tron (TRX)
Justin Solar’s Tron and its native TRX token have been on a bullish run over the past yr. It has risen nearly 200% from its 2023 lows of $0.05, and this has despatched its market cap rocking. On the identical time, the Dogecoin worth has didn’t comply with this development path, and has as a substitute stalled.
The results of Dogecoin’s sluggish efficiency is a lower in its market cap in comparison with the market cap of different giant cap altcoins. Whereas DOGE was capable of maintain the tenth place for the higher a part of 2023, the brand new yr has not been as favorable.
Tron’s market cap crossed the $12 billion threshold after a 5% enhance within the worth over the past week. This rapidly put it forward of Dogecoin, which continues to wrestle available in the market. Tron’s market cap is at present sitting at $12.25 billion, whereas Dogecoin has an $11.98 billion market cap.
DOGE worth at $0.084 | Supply: DOGEUSD on Tradingview.com
Meme Cash Fail To Impress
Meme cash comparable to Dogecoin haven’t seen the very best efficiency in the previous couple of months. The place numerous altcoins have been recovering and doing 50% rallies, meme cash have didn’t comply with the identical pattern. DOGE, for one, is down 3.6% within the final week alone.
Shifting on to different meme cash, Shiba Inu, the second-largest cryptocurrency by market cap, has adopted the identical pattern, falling 4.7% within the final week alone. In the identical vein, Solana-based BONK is down 14% within the final seven days as nicely.
Nonetheless, DOGE could possibly be headed for higher days as there was an uptick in its unchain exercise. Within the month of February, the meme coin’s transaction depend has exploded, with greater than 1 million transactions carried out each day.
This surge within the each day transaction depend suggests a rising curiosity within the meme coin. If this curiosity continues to rise, it might translate to purchase strain on the coin, thereby resulting in a surge within the DOGE worth in consequence.
