Dogecoin Trounced: Chainlink’s 34% Jump Kicks DOGE Out Of Top 10 List
After Chainlink’s impressive run of more than 34% over the past week, LINK has dethroned Dogecoin (DOGE) from the top 10 crypto by market cap list. Chainlink Has Pulled Away From The Crowd With A Sharp Surge Recently Whi...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
After Chainlink’s impressive run of more than 34% over the past week, LINK has dethroned Dogecoin (DOGE) from the top 10 crypto by market cap list.
Chainlink Has Pulled Away From The Crowd With A Sharp Surge RecentlyWhile most cryptocurrency sectors have observed minimal movement recently, Chainlink has emerged as an outlier, enjoying a surge of over 34% in the last week.
The below chart shows how LINK has performed over the past month.
LINK had achieved a major milestone, breaking above the $18 level earlier during this latest rally, but with a sharp 8% continuation of the run, the coin has now surged beyond the $19.5 mark for the first time since early 2022.
Should Chainlink’s surge continue, the cryptocurrency would be retesting the $20 level, which could prove to be a source of major resistance, according to on-chain data.
LINK has surged more than 38% over the past thirty days, which means it has significantly outperformed the wider sector. Bitcoin, for instance, hasn’t even been able to put together positive returns in this period, as the original cryptocurrency’s price has declined by almost 2%.
Thanks to this strong rally, Chainlink has changed its standing among the wider sector. Specifically, the token has shaken things up in the market cap list.
Dogecoin Has Lost Its Position In The Top 10 List To LINKFollowing the rally, LINK has improved its market cap rank and is now the 10th largest cryptocurrency in the sector based on this metric. Dogecoin, holding this spot earlier, has now fallen to 11th.
The table below shows how the two assets fit in the broader sector.
Although Chainlink has now surpassed Dogecoin in this metric, the gap between the two assets is still not much. This means the two coins may continue to flip each other in the coming days unless one shows diverging performance.
As LINK has arrived at this spot with a sharp surge, things may be looking favorably for the asset, especially considering that DOGE has rather put up negative returns in the past week.
The overall picture has also been a bit dire for the memecoin recently, as the chart below displays that its price has followed a sideways trajectory during the past month.
Unless things change fast for Dogecoin, its exit from the top 10 list may be here to stay. Of course, this only assumes that Chainlink itself doesn’t fall off shortly.
Why this matters
This altcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Binance Reopens Withdrawals as Hack Recovery Enters Second Week
Bitcoin Magazine Binance Reopens Withdrawals as Hack Recovery Enters Second Week Binance restarted customer withdrawals on Sunday,...
Aave Horizon taps perpetual futures to price stock collateral on weekends, Chainlink says
The moving reference can reveal off-hours collateral declines without ensuring a buyer for seized assets. Read the full story on C...
Bitcoin Faces a U.S. Jobs Data Week With November 6 Payrolls in Focus
TL;DR U.S. job-openings data are scheduled for November 3, followed by payrolls on November 6. The payroll and unemployment figure...
Strategy Adds 811 BTC With MSTR Sales as STRC Buybacks Top $400 Million in Two Weeks
Strategy bought 811 bitcoin for $65.5 million in the week ended Nov. 1, returning to the market one week after it added none, the...
Binance sits to benefit from First Digital listing
First Digital Trust, the firm behind the FDUSD stablecoin, announced early last month that it had signed a business combination ag...
HKMA Pilot Lets Banks Settle Tokenized Deposits Nights and Weekends in Central Bank Money
Banks in Hong Kong can now settle tokenized deposit transactions with one another 24 hours a day, seven days a week, using tokeniz...