Dogecoin, for quite some time, has been amongst the favorite crypto of a lot of celebrities like Elon Musk. Now, unfortunately, the meme coin seems to have been knocked out of the top 10 crypto by market capitalization.
However, yet another unforeseen circumstance that has come to light is the ascent of Chainlink (LINK) into the top 10. This clearly shows how volatile the digital asset market is and the change in the dynamics of tokens.
Bitcoin (BTC) and Ethereum (ETH) continue to be the alpha and beta of the pack with Chainlink (LINK) at the tenth position. This leads to Dogecoin being eliminated from the league of the top 10.
This sudden change in LINK’s rise is enough evidence of the rapid increase in interest in decentralized finance (DeFi) solutions and the pivotal role of oracles in adapting real-world data to blockchain technology. At the time of writing, LINK’s market cap was nearing $12 billion with its price soaring to $20.29.
Furthermore, this surge in altcoins like LINK enhances the bigger picture, setting a trend amongst investors to split their portfolios amongst other tokens and not just well-known coins like BTC and ETH. This helps in a potential rise in opportunities within the ecosystem, even with platforms like Solana.
Dogecoin Stands Its Ground
The crypto community seems to be standing by Dogecoin, despite its recent drop from the top 10. The dog-themed meme coin still manages to showcase its ability to recover from the sudden downfall.
Though the token started off as a joke, DOGE still managed to reach its highest market cap and outnumbered major market players like USDT. Dogecoin’s celebrity endorsements and its ecstatic community engagement are proof of the volatile journey that this meme coin has had.
At the time of writing, Dogecoin was priced at $0.080273 with a current market cap of 11.48 billion USD. The meme coin seems to have taken a plunge of 1.97% with a trading volume of 335.78 million USD over the last 24 hours.
There are multiple factors influencing Dogecoin’s value, like market trends, regulatory environment, and technological upgrades. Keeping these factors in mind, it is crucial for the token to make a comeback to the top 10.