Dogecoin Surpasses Polkadot, Becomes 10th Largest Cryptocurrency by Market Cap

Dogecoin Overtakes Polkadot in Market Capitalization

Dogecoin (DOGE) has surpassed Polkadot (DOT) to become the 10th largest cryptocurrency by market capitalization. According to recent data, DOGE's market cap stands at $8.166 billion, while DOT's market cap is $7.933 billion, giving DOGE a $230 million lead.

Current Market Performance

• Dogecoin (DOGE): Currently trading at $0.06156, DOGE has seen a 1.4% increase in the last 24 hours. Its trading volume is $211.6 million.
• Polkadot (DOT): Trading at $7.01, DOT has experienced a 9.17% decline over the past week, with a 24-hour trading volume of $219.59 million.

Ethereum's Struggles and Market Trends

Ethereum (ETH) has been the worst performer among the top ten cryptocurrencies in the last seven days, dropping 17.4% in value. This decline comes amid a broader crypto market downturn that began in December 2021. Since its all-time high (ATH), Bitcoin (BTC) has lost over 70.83%, while Polkadot has shed 87.25% of its value since reaching its ATH of $54.96 in November 2021. Dogecoin, which hit its ATH of $0.73 in May 2021, has also fallen by 91.6% since then.

Ripple Shows Resilience

Ripple (XRP) stands out as one of the few major cryptocurrencies to see gains, rising 10.66% in the last 24 hours. This positive movement contrasts with the overall bearish trend in the crypto market.

Dogecoin's Rise as a Proof-of-Work Cryptocurrency

Following the Ethereum Merge on September 15, Dogecoin became the second-largest proof-of-work (PoW) cryptocurrency, surpassing Litecoin (LTC), Ethereum Classic (ETC), and Monero (XMR). This shift highlights DOGE's enduring relevance in the crypto space despite its significant price drop from its ATH.

The crypto market continues to navigate a challenging landscape, with most major cryptocurrencies struggling to regain their previous highs. Dogecoin's recent rise in market capitalization reflects its persistent popularity and resilience in a volatile market.