DOGE Reserves Its Spot as the Second PoW Crypto

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  • Dogecoin became the second-largest cryptocurrency that uses the PoW consensus.
  •  DOGE has overtaken DOT and reclaimed the tenth position in the ranking.
  •  Dogecoin traded at $0.057177 with a trading volume of $316,233,477.

In terms of market value, Dogecoin (DOGE) surpassed and overtaken Polkadot (DOT). According to data from CoinMarketCap, DOGE reclaimed the tenth spot in the ranking of cryptocurrencies. DOT and DOGE currently have market capitalizations of  $7,071,095,530 and $7,582,265,920, respectively DOGE having a $511 million difference.

When the Ethereum Merge went live on September 15, Dogecoin surpassed popular coins like Litecoin (LTC) and Ethereum Classic (ETC). Following that, Dogecoin becomes the second-largest cryptocurrency that uses the Proof-of-Work (PoW) consensus after Bitcoin. This position makes the DOGE near the top of the cryptocurrency market. 

Musk’s Endless Love on DOGE

The DOT price decline of more than 17% over the previous week was a remarkable drop even against the unfavorable sentiment on the crypto market, helping DOGE retake its position. In other words, it’s more likely that Dogecoin has fuelled its growth as Polkadot has lost market share.

At the time of writing, Dogecoin traded at $0.05648 with a trading volume of $316,233,477. DOGE is down 7.24% in the last 24 hours. On the other hand, Polkadot traded at $6.28 with a trading volume of $357,514,606. DOT is down 10.70% in the last 24 hours.

Dogecoin price chart (Source: Tradingview) 

Moreover, Elon Musk’s love for Dogecoin made DOGE gain space in the market. In May 2021, Elon Musk announced that he had been working with Dogecoin developers since 2019 to increase the transaction efficiency of their network. Additionally, Musk’s companies Tesla and SpaceX began taking DOGE as payment for their goods, which led to a quick but temporary price increase.

Furthermore, even in the market meltdown, Musk declared that he would not sell his crypto holdings, including DOGE and Bitcoin. After Musk’s statement, Tesla sold 75% of its Bitcoin holdings in the following months.

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