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Dogecoin has underperformed over the previous yr, whereas the likes of Bitcoin and Ethereum hit new yearly highs. Resulting from this poor efficiency, different altcoins are rising of their market cap to problem Dogecoin's place within the prime 10 cryptocurrencies by market cap record. And now, after one other week of lagging the market, Dogecoin has misplaced its place on this record.
Dogecoin loses tenth place to Tron (TRX)
Justin Solar's Tron and its native TRX token have been rising quickly over the previous yr. It has surged almost 200% from its 2023 low of $0.05, and that has shaken up its market cap. Moreover, the worth of Dogecoin has didn’t observe this progress path, and has as a substitute stalled.
Dogecoin's sluggish efficiency has resulted in its market cap being decrease in comparison with the market caps of different massive cap altcoins. Whereas DOGE was capable of maintain the tenth spot for many of 2023, the brand new yr has not been as favorable.
Tron's market capitalization crossed the $12 billion mark after a 5% worth improve final week. This instantly put it forward of Dogecoin, which continues to battle available in the market. Tron's market cap is at present $12.25 billion, whereas Dogecoin's market cap is $11.98 billion.
DOGE worth at $0.084 | Supply: DOGEUSD on Tradingview.com
Meme cash fail to impress
Meme cash like Dogecoin haven’t seen one of the best efficiency in the previous few months. Whereas a number of altcoins are recovering and rallying 50%, meme cash have didn’t observe the identical pattern. DOGE, for instance, is down 3.6% within the final week alone.
Transferring on to different meme cash, Shiba Inu, the second-largest cryptocurrency by market cap, has additionally adopted the identical pattern, falling 4.7% previously week. Equally, Solana-based BONK can also be down 14% within the final seven days.
Nonetheless, DOGE could also be headed for higher days as its onchain exercise has picked up tempo. Within the month of February, the meme coin's transaction numbers have exploded, with over 1 million transactions made per day.
This improve within the variety of each day transactions signifies a rising curiosity within the meme coin. If this curiosity continues to develop, it might create shopping for strain on the coin, leading to an increase within the worth of DOGE.