Dogecoin Under Avalanche Threat as DOGE on Verge of Top 10

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Fredrik Vold

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Fredrik Vold

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June 26, 2023

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Dogecoin (DOGE) is on the verge of falling out of the top 10 list of the most valuable cryptoassets following the heavy losses it has suffered in the past two weeks, while some other cryptoassets outperformed this meme coin.

At 11:16 UTC, DOGE was down 10.5% over the past 24 hours, and down more than 31% over the past 14 days. The coin traded at USD 0.214, which is right around the very bottom of the September 7 crypto market correction, a price level otherwise not seen since early August this year. 

90-day price chart of dogecoin:

And with the accelerating price fall for DOGE, its ranking among the most valuable cryptassets has also fallen, from being ranked in the top five in April and May, to now being on the verge of falling out of the top 10 altogether.

Despite having fallen significantly from its highs, however, dogecoin’s market capitalization still remains significantly above that of the next cryptoasset on the list, Avalanche’s AVAX token.

With a current market capitalization of USD 13.8bn, AVAX would need to more than double that number to catch up with dogecoin’s USD 28.4bn market capitalization. 

Alternatively, dogecoin could also continue to fall, and would in that case fall below AVAX if it loses a bit more than half of its price from current levels. DOGE dropped by around 35% in a month, while AVAX jumped by over 60% in the same period of time.

The popular meme coin, fueled among other things by tweets from Tesla CEO Elon Musk, first entered the top 10 in late January this year during a massive pump believed to have been orchestrated by the WallStreetBets Reddit forum. DOGE is still up by 7,500% in a year.

It has since been on a wild rollercoaster journey that has taken it as high as USD 0.74, before dropping more than 70% to its current price.

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Learn more:
– Mark Cuban Says He Owns USD 494 of ‘Strongest Community’ Dogecoin 
– Dogecoin Fan Sues Coinbase For ‘Tricking’ Him Into Providing Liquidity 

– Dogecoin Wannabes Flood The Market With Pumps & Dumps
– Dogecoin Needs 3 Conditions Fulfilled to Move Beyond USD 1

– Are GameStop-Style Surges In Crypto Any Different From Old Pumps & Dumps?
– ‘The Most Honest Sh*tcoin,’ Dogecoin, Will Survive Alongside Bitcoin – Analysts