Market Cap of Dogecoin Drops below Solana, Polkadot, and USDC

Dogecoin has seen a substantial drop in retail interest in the last few weeks as the price of DOGE has lost nearly 30% of its value since 23 August 2021. As a result, Dogecoin’s market cap has dropped sharply during the mentioned period.

According to Coinmarketcap, DOGE has decreased by nearly 10% in the last 24 hours. Dogecoin is now the 10th most valuable digital currency in the world with a market cap of $28 billion. The total market capitalization of Dogecoin dipped below the market value of Solana (SOL), Polkadot (DOT) and Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term USDC.

The world’s 10th largest cryptocurrency is currently trading near $0.21. DOGE now accounts for approximately 1.5% of the overall crypto market cap. Dogecoin touched an all-time high of $0.73 in May 2021. Despite the recent correction, DOGE has rocketed more than 5,000% in 2021.

In May 2021, Dogecoin became more valuable than XRP after DOGE jumped by more than 50% within 24 hours on 4 May. Additionally, the cryptocurrency crossed the market cap of $90 billion in the same week. Since then, DOGE has been in a constant decline.

Crypto Correction

The crypto market saw a correction of approximately $200 billion on Monday. Apart from Dogecoin, several other leading cryptocurrency assets including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC), Ethereum (ETH), Cardano (ADA) and XRP dropped heavily in the market.

Commenting on the recent crypto market correction, Simon Peters, Market Analyst at eToro, said: “Bitcoin and ether both experienced a weekend slip after a week of climbing back to previous highs. BTC began the week below $45,000 after the flash crash of the week before. Having risen across the week to near $49,000 levels the price collapsed again on Sunday, falling away to now trade at around $45,500. Likewise, ETH began the week trading around $3,200 before rising to a high of $3,652 on Thursday. The token began a decline earlier than bitcoin though, falling away from Thursday and across the weekend to now trade below $3,200, a 13% decline."