Dogecoin has declined by more than 6% in the past 24 hours, something that has resulted in it dropping below Polygon (MATIC) on the market cap list.
Dogecoin Plunges 6% In The Last 24 Hours
Just like the wider cryptocurrency market, DOGE had started the year 2023 well, with the meme coin’s price enjoying an uptrend. In the past week, however, the asset seems to have completely reversed the trend as it has been observing a hard downward trajectory instead.
At the time of writing, Dogecoin is trading around $0.0821, down 6% in the last 24 hours.
Looks like the value of the crypto has gone down in recent days | Source: DOGEUSD on TradingView
As you can see in the above graph, Dogecoin had been seeing a gradual decline for most of the past week, but in the last day or so, the drawdown has been even more severe.
Overall, in the last seven days, DOGE has dropped in value by around 10%. As a result of this plunge, the monthly gains of the asset now stand at only 5%, suggesting that the decline has erased a significant amount of the profits that the cryptocurrency had earlier accumulated.
In terms of the year-to-date returns, though, Dogecoin is still in decent profits of about 17%. However, these gains pale in comparison to some of the other assets in the sector, like Bitcoin, which is up by more than 32% in the same period, or Shiba Inu, which has beaten DOGE even worse with its 53% profits.
Just yesterday, Dogecoin was the most traded token among the 100 largest BNB Smart Chain (BSC) whales, according to data from the crypto whale tracker service WhaleStatsBSC:
📰 JUST IN: $DOGE @dogecoin flipped $ADA for MOST TRADED token among top 100 #BSC whales
Check the top 100 whales here: https://t.co/0SYnjw0xQs
(and hodl $BBW to see data for the top 4000!)#DOGE #ADA #whalestats #babywhale #BBW pic.twitter.com/scQGaJV8pu
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 8, 2023
However, given that the price of the meme coin has rather seen a decline since then, this elevated activity from the BSC whales was likely not for buying, but for selling instead.
Polygon Has Flipped DOGE On Market Cap List
With the latest decline, Dogecoin has dropped a spot in the top crypto by market cap list, as Polygon‘s better strength has meant that it has overtaken the meme coin. DOGE is now dead last in the top 10.
Before being flipped by MATIC, the coin had been untouched at the 9th place for an extended period of time, even going up to 8th a few times, before Cardano (ADA) eventually took a significant lead.
Here is a table that shows where Dogecoin stands in the wider sector right now:
DOGE seems to have a market cap of around $10.9 billion currently | Source: CoinMarketCap
While Dogecoin is now right on the edge of the top 10, it’s currently not at much risk of dropping to 11th, as the gap between the meme coin and Solana (SOL) is still quite large. DOGE is also still very close to MATIC, so if the coin retraces upward, it can easily regain the 9th spot.
From the table, it’s also visible that rival coin SHIB is still only at the 13th position, a decent distance away from DOGE.
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com