Dogecoin Was Pushed Aside By Polkadot: Will It Stay Relevant?

Dogecoin was pushed aside by Polkadot, and now Dogecoin (DOGE), is the 11th largest cryptocurrency in terms of market value. Sadly, DOGE had to relinquish its position, which is now held by Polkadot with a market value of $9.62 billion. As a result, DOGE’s market value is currently $9.28 billion.

The DOGE price is currently down 1.09 percent, or 0.06899, according to CoinMarketCap.

Despite the optimistic feeling in the cryptocurrency community being boosted, among other things, by Elon Musk‘s support, Dogecoin was pushed aside by Polkadot nonetheless. Dogecoin creator Michi Lumin just announced the availability of Libdogecoin, a C library comprising DOGE building pieces. Dogecoin may now be integrated into a variety of platforms thanks to this framework.

According to Elon Musk, DOGE Has Real Value

Elon Musk, the wealthy entrepreneur and CEO of Tesla, continued to push for DOGE in one of his appearances on the podcast “Full Send.” “I’m mainly supporting Doge, frankly,” said Musk.

Musk emphasized that Dogecoin has real utilitarian value and is more than just a dog parody coin. Additionally, he claimed that DOGE has a far higher transaction volume than Bitcoin. Due to a barrier of $0.075, the price of DOGE hasn’t changed considerably since early August. Numerous macroeconomic issues are bombing the crypto market, which appears to be in a coma.

Investors aren’t so convinced, though, about making long-term investments in these dog meme currencies because other meme ventures have little practical use, and the pricing of tokens are largely determined by social media or popularity votes from influencers and other celebrities.

Dogecoin Is Lagging

DOGE is not growing as quickly as it should. The price of DOGE is $0.066 at the start of July. SHIB increased by 17% whereas DOGE only had a 1.4 % increase in price. The market capitalization of DOGE tokens just marginally climbed from $8.77 billion to $9.06 billion.

DOGE had 73,800 active addresses as of July 31; at one point on July 28, this number had increased by as much as 13 percent or roughly 105,000 addresses. With a 96 percent or 1.53 DOGE drop in transaction volume, DOGE was able to end July.

Following the price hike to $0.75, DOGE’s social dominance grew by 8.49 percent. DOGE price fell by 61 percent while social dominance fell by 3.3%. The social volume of DOGE further decreased by up to 63%. Despite the absence of ecosystem upgrades, development transactions within the Dogecoin network increased by 80%.

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