- DOGECOIN (DOGE) has flipped Polkadot (DOT).
- DOT has lost over 82% of its value since the last ATH.
- “Tesla merch can be bought with Doge,” says Elon Musk.
In an interesting turn of events, data available on CoinGecko shows that Dogecoin (DOGE) has flipped Polkadot (DOT) to become the tenth biggest cryptocurrency in the world by market capitalization.
The current market capitalization of DOGE and DOT is respectively $10,949,701,938 and $10,480,467,284, with DOGE leading by over $500 million.
At the time of writing, DOGE trades at $0.083 across cryptocurrency exchanges, with a 7.4% increase in 24hours, whereas other major cryptocurrencies like Bitcoin and Ethereum barely had a 0.1% increase in 24 hours.
While DOT has a 24 hours volume of $832,177,623, DOGE traded well above $1 billion in the last 24 hours.
The new highs of DOGE can be linked to the recent announcement from Elon Musk, the billionaire CEO of Tesla and SpaceX. Musk said Tesla merch can be bought using DOGE, noting that such a provision will be made for SpaceX merch soon.
However, a Twitter user believes the current feat of DOGE is only temporary.
Once the bear market is over, #dogecoin will be a thing of the past, bear markets value fundamentally sound projects, $DOT will be the Wifi of crypto, not some dog 💩, hehehe
— ADA Bull🎇 (@ADABull001) May 27, 2022
The crypto market, in general, has been in a bleeding trend since last December 2021, with BTC losing over 55% since its last all-time high (ATH). Notably, Polkadot reached its (ATH) in November 2021 at $54.96. It has since lost 82% of its value, trading at $9.30. On the other hand, DOT hit its ATH in May of 2021 at $0.73. It has fallen by over 88% since its ATH.
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