Chainlink (LINK) is steadily approaching the threshold to surpass Dogecoin (DOGE) in market capitalization as LINK maintains its remarkable ascent. Dogecoin after being hailed as the first meme coin and a pioneer in the cryptocurrency space, recently DOGE was facing a serious obstacle as it falls out of the top 10 cryptocurrencies by market capitalization. Although DOGE has previously received high praise and unexpected success, concerns have been raised about its long-term viability due to its shaky foundation and significant reliance on celebrity endorsements.
The dynamic and ever-evolving landscape of the digital currency space is exemplified by Dogecoin’s recent removal from the top 10 cryptocurrency rankings. Chainlink (LINK) is currently in the top 10, and DOGE is now positioned at the periphery. This change reflects a change in the attitudes and tastes of investors.
Dogecoin Faces Ranking Competition from Surging Chainlink
After dropping out of the top 10 ranks, Dogecoin resurfaced to its 10th position within 24 hours of losing its spot. As Dogecoin grapples with its changing position within the cryptocurrency hierarchy, analysts project a slight price uptick on Valentine’s Day which led DOGE to rise again. According to Changelly, the initial meme coin is expected to hit $0.082591, marking a 1.12% rise from its present value.
In fact, Chainlink has come as a huge surprise, and as LINK continues to increase, it is expected to surpass Dogecoin (DOGE) in market capitalization. With a market capitalization of around $12 million, LINK is now just outside the top 10. On the other hand, Dogecoin, with a $12.2 million market capitalization, is barely inside the top 10. Because of the stark difference in the momentum of the two tokens, many believe that the positions will change.
In particular, LINK is at its greatest point since 2022’s first month. Its technical indicators are still good, which lends credence to the idea that it can increase in value. It has, in fact, increased by an astounding 10% in just one week. In addition, throughout the past 30 days, such gains have increased to a startling 30%. It is currently, just one spot below Dogecoin, the 11th largest cryptocurrency by market capitalization.