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

Aug 8, 2022 07:26 A.m

By: AnalysisWatch

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

According to CoinMarketCap, DOGE's price is down 1.09%, or 0.06899 at the time of writing.

DOGE's price has remained the same despite positive sentiment in the cryptocurrency space, driven by support from 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 be integrated into different platforms. Elon Musk says DOGE has real value.

In one of his appearances on the "Full Send" podcast, Elon Musk, billionaire entrepreneur and CEO of Tesla, re-emphasized his unrelenting support for DOGE. "I'm primarily supporting Doge, frankly.

Musk reiterated that Dogecoin is not just a dog meme currency; it's not a joke because it has real utility value. He also said that, compared to Bitcoin, DOGE has a much higher transaction volume. Since the beginning of August, DOGE's price has not moved significantly because it has been hampered by $0.075.

The cryptocurrency market seems to be comatose as it is being bombarded by many macroeconomic issues.

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