Dogecoin has been struggling in the crypto market lately, while other altcoins have been surging. As a result, Dogecoin has lost its spot in the top 10 cryptocurrencies by market cap.
Tron Overtakes Dogecoin
Tron, led by Justin Sun, has been on a bullish run, with its TRX token rising almost 200% since 2023. This has pushed Tron’s market cap past Dogecoin’s, knocking Dogecoin out of the top 10.
Meme Coins Underperform
Meme coins like Dogecoin and Shiba Inu have not been performing well recently. While many altcoins have been rallying, meme coins have lagged behind. Dogecoin is down 3.6% in the past week, while Shiba Inu is down 4.7%.
Dogecoin’s Transaction Count Rises
Despite its poor price performance, Dogecoin’s transaction count has surged in February, with over 1 million transactions carried out daily. This suggests growing interest in the meme coin, which could lead to a price increase in the future.
Conclusion
Dogecoin’s fall from the top 10 cryptocurrencies highlights the changing landscape of the crypto market. Meme coins, once seen as a threat to established cryptocurrencies, are now struggling to keep up with the competition. However, Dogecoin’s recent surge in transaction count suggests that it may be poised for a comeback.
