The weekend marked a new achievement for Dogecoin (DOGE). In a largely bearish market, the popular dog-themed memecoin flipped Polkadot (DOT) to reclaim the 10th position in terms of crypto market cap.
DOT had been correcting quite a bit over the past few days, allowing DOGE to gain the upper hand for now. Meanwhile, DOGE has been making some moon-ward moves in terms of ranking.
This is the second big win for Dogecoin, after it became the second largest Proof-of-Work (PoW) crypto in terms of market cap on 15 September 2022. With the Merge’s successful completion, Ethereum moved to Proof-of-Stake (PoS) territory, away from PoW, and the second rank went up for grabs. Dogecoin sped past Ethereum Classic (ETC) and Litecoin to grab the spot.
DOGE has a current market share of $7.5 billion. As of now, it is a long way ahead of ETC, which takes third place, with a market cap of $3.9 billion. There is also a $460 million valuation gap between DOT and DOGE, which is quite hard to close in a correcting market.
The DOT–DOGE tussle isn’t new. Dogecoin previously flipped Polkadot back on 26 April 2022. DOT returned the favor on 31 July 2022 and reclaimed the prestigious 10th position.
