Polkadot (DOT) Overtakes Dogecoin (DOGE) By Market Cap Despite Core Update

Polkadot snatches away DOGE’s 10th position; can the meme coin fix DOT’s wagon?

Polkadot (DOT) Overtakes Dogecoin (DOGE) By Market Cap Despite Core Update
  • Polkadot (DOT) & Dogecoin (DOGE) both recorded similar weekly gains at around 3%.
  • Polkadot (DOT) made it into the top 10 cryptos by market cap following its parachain auction.
  • For the first time ever, leading meme coins DOGE & SHIB sit side-by-side.

Despite many of the top cryptocurrencies eyeing a full week in the green, it wasn’t enough for some to hold onto their spots in the top 10 crypto rankings by global market cap. Elon Musk’s beloved Dogecoin (DOGE) was grudgingly forced to step aside, as the rapidly growing Polkadot (DOT) ousted DOGE from the #10 spot.

A Busy Week for Polkadot (DOT)

At press time, Polkadot’s total market cap stands at $10,155,062,517, according to CoinGecko. Dogecoin maintains a market capitalization of $9,351,080,164, falling behind by a margin close to one million in a split-second.

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One of the reasons for this could be the level of utility offered by Polkadot, as the blockchain is heavily focused on interoperability and interchangeability between different blockchains. Polkadot uses a unique parachain technology, which enables independent chains to connect with each other without the use of a third party—it is for this reason that such a functionality is in high demand among crypto enthusiasts that use blockchain technology differing from that of leading asset Bitcoin (BTC). This was exemplified when on Friday, August 5th, Polkadot launched a parachain auction. In addition to this, with DOT community members eagerly voting for further upgrades, the growth of the interconnectivity-focused blockchain has the potential to accelerate even further.

Dogecoin (DOGE) Gets a Long-Awaited Upgrade

Friday was just as important for Dogecoin (DOGE), as the top meme coin finally received its C-library update, which is expected to help with DOGE’s utilization across different platforms, without requiring as much coding knowledge. As Dogecoin’s Lead Core Developer Michi Lumin puts it: “It will enable the direct integration of dogecoin into many different platforms in a lightweight manner, without developers having to procure deep blockchain experience”.

Dogecoin (DOGE) was once again publicly praised by the world’s richest man, Elon Musk. This time, “the Dogefather” expressed his love for DOGE during his appearance on the Full Send’ podcast. After being asked about his stance on the current condition of the crypto market, the Tesla CEO responded: “I’m mainly supporting Doge, frankly”, adding that he was sentimental towards Dogecoin (DOGE), as it started as a joke, just like The Boring Company.

Despite both of the top dog-themed coins in Dogecoin (DOGE) and Shiba Inu (SHIB) striving to reach the moon, there are still quite a few stops to make along the way. At the moment, the rival meme coins of DOGE and SHIB rank 11th and 12th respectively by total market capitalization. Moreover, both of the dog-themed coins have exactly the same number of followers on Twitter, hinting at an intense competition for the title of top dog.

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At press time, Dogecoin (DOGE) trades at $0.070275, which represents a slight gain of 2.7% in the last 24 hours. On the other hand, Shiba Inu (SHIB) trades at $0.00001228, having recorded an increase of 3.2% over the same period, and a slow but steady 5% weekly profit.

On the Flipside

Read more about Polkadot’s (DOT) development efforts in its new partnership with Revolut’s ‘Learn & Earn’ program.

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.

Author
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.