- For the first time in almost a year, there are no memecoins in the top 10 cryptocurrencies by market capitalization.
- Having been boosted by Elon Musk, and even ranking in the Top 5 at times, DOGE has dropped to No. 11.
- The fall of the main benchmark could trigger a cascade of losses for other digital assets of this type.
The last few days have shown enormous volatility within the crypto ecosystem, with falls of over 30% and a slight recovery in most of the markets. But these recent movements brought with them many novelties and one is that for the first time in almost a year there is no memecoin within the top 10.
DOGE falls out of the Top 10
This phenomenon exploded with Elon Musk, founder of Tesla, who it pushed Dogecoin to levels that not even the creators themselves could believe. The asset took on unimaginable dimensions, climbing above one billion dollars and thus outperforming projects with more seriousness.
The first time that DOGE was among the 10 most valuable in the market was the week of February 7, 2021, as shown by the count of CoinMarketCap: With a listing of $ 10 billion, DOGE came in 10th place. The top ten at the time were: Bitcoin, Ethereum, Tether, Cardano, Ripple, Polkadot, Binance Coin, Chainlink plus Litecoin.
Even the phenomenon did not stop, but grew over the months: at one time it was the fourth largest cryptocurrency in the world behind only BTC, ETH, and USDT.
At the end of October, Shiba Inu (SHIB), another memecoin, ranked ninth and surpassed Dogecoin, its “rival”. This was the first cryptocurrency entry created anonymously in August 2020 by someone named “Ryoshi,” which quickly lost value and fell away from the listing. It currently ranks 13th.
Concern in DOGE holders?
The exit of Dogecoin from the top 10 at the hands of Terra (LUNA) does not only mean a blow for the holders of DOGE, which is also threatened by Avalanche (AVAX), but for the entire space of meme cryptocurrencies. The fall of the main benchmark could trigger a cascade of losses for the other digital assets. The good times, as many believed, ended after almost a year.
The price of Dogecoin is in the range of $ 0.18, with a retracement of 16% during the last seven days. It is worth noting that the historical maximum value was in May when it reached the ceiling of $ 0.73.
How do you keep the top 10 of cryptocurrencies?
With some differences to how the panorama was when DOGE entered. Bitcoin and Ethereum they stay strong in first and second place. Binance Coin climbed to the third to push back Tether. Solarium is cast in fifth place ahead of Cardano and USD Coin, another stable coin. Eighth goes on Ripple, followed by Polkadot and the aforementioned Terra.
Bitcoin’s sharp drop to $ 42,000 before regaining the $ 50,000 line hit altcoins harder than digital gold itself. Some have already shown signs of recovery, while others are probably no longer up. Memecoins are going through a difficult time, but they are still going strong.
This opens the question of whether their time has passed or if they are only gathering strength to make a new assault. Terra’s comprehensive project has already left DOGE behind and Avalanche, another growing blockchain, is betting to do the same. Will 2022 come with times of change as well as 2021?
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