According to new data, the favorite memecoin, Dogecoin (DOGE), has been pushed out of the top 10 largest cryptocurrency list.
In a recent development, the top memecoin, DOGE, has dropped off the list of the top 10 cryptocurrencies by market cap underscoring the level of volatility in the crypto market.
The coin, mostly influenced by hype and speculation, was celebrated for its fast rise from just a memecoin to investors’ favorite within a short period. Consequently, it rose in ranks cementing itself as one of the top 10 largest cryptocurrencies by market cap.
However, new data from CoinMarketCap, a crypto price tracking platform, reveals that Dogecoin has dropped to the #11 position, replaced by Chainlink (LINK).
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Per the latest ranking, Bitcoin (BTC) and Ethereum (ETH) remain the first and second largest crypto assets with Chainlink rising one step up placing itself in the #10 spot.
Chainlink beats Dogecoin for the top 10 position
The cryptocurrency chart is not constant. Even though some top coins like Bitcoin, Ethereum, USDT, and BNB have maintained their positions in the top 4, it remains a very volatile list with other cryptocurrencies shuffling positions now and then.
This is a testament to the level of volatility affecting the asset class. Furthermore, the rise in the position of Chainlink (LINK) underscores the growing acceptance of Decentralized Finance (DeFi) solutions and the important role of Oracle in linking blockchain projects to real-world data.
According to Coinstats data, Chainlink now has a market cap of $11,813,443,395 ($11.8 billion) with a 24-hour trading volume of $670,441,949 ($670.4 million). Furthermore, the price of the token spiked above $20 currently trading at $20.12.
The emergence of altcoins like LINK demonstrates the larger trend of investors diversifying their holdings outside of the more well-known cryptocurrencies like Ethereum and Bitcoin in search of possible expansion prospects in the larger ecosystem, which includes Solana platforms.
Dogecoin’s remarkable growth
Even though Dogecoin has dropped one step in its position, it remains one of the investors’ favorites. Since its launch in 2013, the trending coin has quickly risen in popularity and captivated the attention of the crypto community.
This is not the first time Dogecoin has dropped off the top 10 list. In December 2023, it was surpassed by Avalanche (AVAX) which now sits in the #9 spot.
However, Dogecoin managed to take back its position until recently. This pinpoints Dogecoin’s active community and strong investor interest.
At the time of writing, Dogecoin is trading at $0.079 representing a 3.61% drop in the last 24 hours.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.