Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant?

Dogecoin (DOGE) has been recently pushed aside by Polkadot (DOT) from the top cryptocurrencies list as it is now the 11th biggest crypto in terms of market cap. DOGE’s market value is currently at $9.28 billion after it sadly had to let go of its position which is now held by Polkadot with a market value of $9.62 billion.

According to CoinMarketCap, the DOGE price is 1.09% down or at 0.06899 as of this writing.

DOGE price remained the same despite the positive sentiment in the crypto space spiked by the support of Elon Musk, among other things. Michi Lumin, Developer of Dogecoin, has recently announced the release of a C library of DOGE building blocks coined as Libdogecoin. This library allows Dogecoin to integrate into different platforms.

In one of his appearances on the podcast “Full Send”, Elon Musk, billionaire entrepreneur and CEO of Tesla, once again pressed on with his unrelenting support for DOGE.   “I’m mainly supporting Doge, frankly,” Musk said.

Musk reiterated that Dogecoin isn’t just a dog meme coin; it is not a joke because it has real utility value. He also said that in comparison to Bitcoin, DOGE has a much bigger transaction volume. Since early August, the price of DOGE hasn’t moved significantly because it’s been hindered by $0.075. The crypto market seems to be in a coma as it is being bombed by a lot of macroeconomic problems.

But, as other meme projects have no utility value and the token prices are mostly impacted by social media or a popularity vote from influencers and other celebrities, investors aren’t so sure if they should invest long-term in these dog meme coins.

DOGE is lagging behind in terms of growth. At the beginning of July, the DOGE price is at $0.066. SHIB grew by 17% but DOGE price only registered a growth of 1.4%. DOGE token market cap only increased a bit from $8.77 billion to just $9.06 billion.

On July 31, DOGE had 73,800 active addresses that grew by as much as 13% or around 105,000 addresses at one point on July 28. DOGE was able to close July with a plunge in transaction volume by 96% or 1.53 DOGE.

The social dominance of DOGE increased by 8.49% after the price racked up to $0.75. DOGE price plunged by 61% as social dominance nosedived by 3.3%. DOGE’s social volume further declined by as much as 63%. Developmental transactions within the Dogecoin network grew by 80% despite the lack of ecosystem updates.