Something is going on with Dogecoin (DOGE) in the crypto market. So, over the past few weeks, many other tokens are overtaking it in market valuation. The first was Cardano. Now, AVAX is the latest to do so. Why is this happening to doge?
Dogecoin (DOGE) in Trouble Over Market Valuation
- Currently, Dogecoin (DOGE) is one of the cryptocurrencies facing a lot of dilemmas in the market. So, one of the things affecting this token was other tokens overtaking it in market valuation. In late 2023, we made reports of how the battle was mainly between Dogecoin (DOGE) and Cardano token. Now, Dogecoin watched as Cardano surpassed its market valuation by more than 2 times.
- The issue with Dogecoin is mainly due to its inability to have massive breakthroughs in the market. For instance, the price of this token is yet to break through $1 despite all the bullish rallies in the market. So, other tokens, such as Solana, Avalanche, and Cardano, had massive price increases. The price of Dogecoin (DOGE) did increase, but it wasn’t just enough to push it through over $1. So, at the time of writing, the price of this token is still hovering at around $0.89.
Avalanche Overtakes Dogecoin (DOGE) in Market Cap
- With Cardano overtaking Dogecoin, Avalanche was the token plotting the takeover. So, at the time of writing, the valuation of Cardano is more than $21 billion. On the other hand, the valuation of Avalanche is now more than $13 billion. Because of this, it puts Cardano in the 8th position while Avalanche is in the 9th position. So, this is quite massive for the two tokens, considering they weren’t in these positions earlier in 2023.
- Dogecoin (DOGE) is suffering heavily in the market. Moreover, there are even chances of other tokens overtaking it in the next few weeks. At the time of writing, Dogecoin has a market valuation of a bit more than $12 billion. So, with how things are going, Polkadot might end up overtaking DOGE in the 10th position.
Price Update for AVAX and DOGE
- The two tokens, AVAX and DOGE, are not having a good time in the crypto market. However, it is much worse on the part of AVAX. According to data from CoinMarketCap, there’s more than a 3% decline in the past 24 hours from AVAX. On the other hand, Dogecoin (DOGE) is only declining around 1%. In the weekly chart, there’s a much worse decline for AVAX at more than 19%. On the other hand, DOGE is only decreasing by around 3% in a week.
Conclusion
As a recap, Dogecoin is suffering a lot of things in the crypto market lately. Apparently, this is mainly due to the lack of hype. Plus, it is memecoin and is yet to establish a real utility in the crypto market. So, one of the latest news was Avalanche surpassing the market cap valuation by Coinmarketcap. In fact, if Dogecoin is not careful, other tokens might also take over.
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.
