Dogecoin passes Polkadot and achieves the milestone of being the second largest cryptocurrency working on POW after Bitcoin.
Dogecoin is the second largest POW cryptocurrency in the world
Dogecoin is the second largest Proof of Work Mechanism cryptocurrency by defeating Polkadot crypto, DOT.
In the Proof of Work cryptocurrency market, Bitcoin holds first place.
Dogecoin has surpassed Bitcoin to become one of the top ten cryptocurrencies in the world.
What Is the Breakthrough of DOGE?
According to CoinMarketCap, Dogecoin surpassed Polkadot in terms of crypto market valuation. DOGE has reclaimed seventh place, while DOT is now in eighth place.
The total market cap of DOGE is $7511.95 million and it trades at $0.05651 and its trading volume is $344,044,769. DOT has a market cap of $7156.07 million, trades at $6.1899, and has a trading volume of $380.27 million.
If we compare the market caps of both, DOGE stays at the forefront by approximately $350 million.
On September 15, 2022, after the Ethereum Merge, which was the second cryptocurrency to work on the POW mechanism, Dogecoin surpassed Litecoin and Ethereum Classic. Following that, Dogecoin has become the second largest cryptocurrency in terms of market cap, also working on the Proof of Work mechanism.
What About the Growth of Dogecoin?
Dogecoin lost its fortune in the early weeks when it lost almost 17% of its market price. Even with unfavorable sentiment in the crypto market due to the fall of Bitcoin and other outcomes, Dogecoin reclaims its position. Likely, Dogecoin saw such growth due to Polkadot losing its fortune by losing its market share recently.
Dogecoin Came to Light After Connecting with Elon Musk.
On May 2021, Elon Musk announced that he had been working with Dogecoin developers since 2019 to improve the transaction efficiency of the work. Furthermore, Tesla and SpaceX, Musk companies, took payment in Dogecoins. These incidents have fuelled the elevation of Dogecoin in the past.
Moreover, even in the market meltdown, Musk declared that his companies would not sell their Bitcoin and Dogecoin holdings. However, in the following months after Musk’s statement, Tesla and SpaceX sold their 75% of Bitcoin holdings.
What Are the Market Updates of DOGE at the Time of Writing?
- Rank – 7
- Price of Dogecoin – $0.0563
- Market Cap of Dogecoin – $7499.13 Million
- Trading Volume of Dogecoin – $322.88 Million
- Circulation Supply of Dogecoin – $132,803
- Dogecoin Technical Score – 3.2 ( Very Bearish)
What are the latest crypto updates?
Ethereum has a price of $ 1,351.20 with a marketcap of $ 163,287,426,657 and ranked number 2 of all cryptocurrencies.
- Bitcoin Current Price : $ 20,194.41
- Bitcoin Price rank: 1
- 24 Hours Volume : $ 30,698,735,158
- Bitcoin Marketcap : $ 387,202,835,403
- 24 Hours Change in Percentage: 0.19%