Dogecoin, one of the biggest memecoins in the crypto market, and USDC, a stablecoin, are battling out in the crypto market. Apparently, each is trying to go above the other in terms of market valuation, with DOGE getting closer to overtaking USDC. In fact, USDC will have to improve immediately or see its position taken, as Dogecoin aims to reach a $0.30 price. Let’s explore the current market buzz regarding market cap rankings, Dogecoin’s market performance, and its current launch of GigaWallet.
Overview of the Crypto Market Cap Rankings
The market capitalization of a cryptocurrency is basically the valuation of such a token and is calculated by multiplying the number of coins in circulation by the current market price of a single coin. According to CoinMarketCap, there’s fierce competition between cryptocurrencies in the market in terms of market valuation. Bitcoin, as always, is still taking the first position at over $1.3 trillion, and Ethereum is coming second at $426 billion. Furthermore, USDT comes 3rd in the rankings at over $104 billion, followed by Binance Coin at $90 billion.
However, the highlight is one Dogecoin and stablecoin USDC, with the latter still holding on to the 7th position at over $32 billion and Dogecoin following suit at $30 billion. Nevertheless, Dogecoin is quite close to taking the position from USDC as it comes close to reaching $0.30. Apparently, this is part of the milestones to be reached if Dogecoin wants to touch $1, as predicted by many analysts.
Dogecoin Price Performance
At press time, Dogecoin’s price is at $0.21, as it is currently undergoing a bit of correction, going down by more than 1% in the last 24 hours. Nevertheless, the evidence of its massive surge can be seen in the weekly and monthly charts, increasing by over 25% and 64%, respectively. On a weekly basis, the highest price of this token is $0.22, the average price is $0.161, and the lowest is $0.167. However, its 64% growth in the monthly chart shows that Dogecoin started its journey at less than $0.10 30 days ago and has now surpassed $0.226. Apparently, many community members speculate that the price will reach $1 before 2024 ends.
Dogecoin Foundation Announces GigaWallet
According to a new Twitter announcement, the Dogecoin Foundation unveiled the launch of the Dogecoin GigaWallet. It is a backend service that provides a convenient integration API for platforms such as online shops, exchanges, and social media platforms. Furthermore, this will allow the transaction of Dogecoin on behalf of users and, at the same time, promote the rapid acceptance of Dogecoin as a payment option.
Moreover, it aims to do this by taking the complexity and risk out of integrating Dogecoin payments into businesses. However, the developers of this product sounded a warning, saying users must deploy a firewall while using the GigaWallet to protect its sensitive APIs.
Conclusion
Dogecoin entered another round of competition with stablecoin USDC, trying to take its place in the market cap takings. Currently, the USDC is taking the 7th position at over $32 billion, while Dogecoin isn’t far off at $30 billion. Moreover, DOGE’s market performance is creating momentum and hype, as it aims to reach a $0.30 milestone. Apparently, the developers of this memecoin aren’t left out as they announced creating a GigaWallet to enable Dogecoin transactions. Nevertheless, the big picture is whether Dogecoin can reach $1 before 2024 ends.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
