Dogecoin (DOGE) Dethrones Coinbase by Total Market Cap: Here’s Why

Strong voice of the DOGE Army, the vast community of crypto enthusiasts, contributes towards overtaking Coinbase.

Shiba Inu in between two pugs with tuxedos wearing a crown and sunglasses

The Japanese guard-dog themed memecoin Dogecoin (DOGE) was created back in 2013 as a joke in a matter of a few hours. Programmer-turned-comedian Billy Markus a.k.a Shibetoshi Nakamoto left the project ages ago, but his creation ironically overturned the largest American crypto platform, Coinbase.

At the time of this publication, Coinbase Global Inc. (COIN) has a market value of $35.17 per share with a total market cap of $7.98bn. On the other hand, the top dog memecoin Dogecoin (DOGE) has a total market cap of $10.24bn, surpassing the leading American crypto exchange by more than $2bn already.

DOGE Army Is Way Bigger Than Coinbase

Recent data revealed by crypto analytics agency Lunar Crush show that the Dogecoin (DOGE) community, more popularly known as the DOGE Army, generated a lot more social mentions for the canine coin. To illustrate, the Dogecoin (DOGE) developer team is in preparation for DOGE’s Christmas Twitter Spaces.


On top of that, the Twitter Spaces are likely to be joined by Elon Musk, the biggest fan of the canine cryptocurrency who also happens to be Twitter’s CEO. Previously, ‘The Dogefather’ mentioned he’d join in the fun around Christmas time, while the community remains optimistic about DOGE’s future in Twitter 2.0.

“Lazy DOGE, Will You Get UP”

In contrast to Dogecoin’s (DOGE) prominent success on social media, the hype building around the memecoin doesn’t convince some crypto analysts, who still see a bearish pattern in the charts. For instance, experienced trader Peter Brandt noticed that Dogecoin’s (DOGE) trading performance is forming the “Here we go round the Mulberry Bush” chart pattern.

Indeed, the top dog memecoin Dogecoin (DOGE) slipped by another 4% in the last 24 hours. The aftershocks of the FTX-caused crypto earthquake took its toll on most of the altcoins, however, Dogecoin (DOGE) is amongst the hardest hit with 17.8% of red ink in the last 7 days.


At press time, the leader of the memecoins, Dogecoin, (DOGE) trades at $0.074280, according to CoinGecko. Ranked 8th, DOGE managed to increase its market capitalization to $19.5bn when Elon Musk acquired Twitter, but has been cut in half since then.

On the Flipside

  • The leading memecurrency Dogecoin (DOGE) lost 56.2% of its market value compared to a year ago.
  • Dogecoin’s (DOGE) Twitter 2.0 integration plans might halt if Elon Musk steps down from his position as Twitter CEO.
  • Elon ‘The Dogefather’ Musk still has a $258bn lawsuit against him for allegedly building the DOGE Pyramid.

Why You Should Care

Memecoins can accelerate crypto adoption and tend to spark bull runs for the altcoins during a bearish market.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.