After becoming the second-largest POW blockchain, Dogecoin is now going for DOT, the tenth-largest cryptocurrency by market capitalization. DOT is the eleventh most valuable cryptocurrency on the market right now. Sign up at https://bitalphaai.me/ to learn more.
But the real question is if the meme coin will continue to grow
Dogecoin is now 14th on the CoinMarketCap list. It used to be one of the most valuable cryptocurrencies, but now it’s only the 16th most valuable.DOGE, on the other hand, has been used since September 18 instead of Polkadot. At that time, the difference between what they were worth on the market was considered $570,249,000.
The value of DOGE may have gone up because there have been more transactions with meme currency in the last few days.
The number had gone from 202.16 million to 344.45 million by the time the book came out.
But the story doesn’t end there because the currency is now being sent to more addresses. On September 15, there were 113 thousand of active addresses. On September 18, there were 120,000 addresses.
The people who work in mining could also be interested in DOGE. [Needs citation] Dogecoin has become the second largest POW chain, so miners and other strict POW users may pay much attention to it.
Dogecoin’s hash rate has increased by 4.01% in the past week. So, this would make the blockchain safer, leading to more people wanting to become miners. Even so, DOGE is going through some bad things right now. People who use Dogecoin on social media sites decreased. Last month, DOGE’s social mentions and interactions lost 29.02% and -39.52% of their value, respectively.
The falling value of social media presence could hurt Memecoin’s future
Whales have been less interested in the meme coin over the past month. In the past few months, fewer addresses have more than $1 million balances. Also, 12.48 percent fewer wallets exist now than a month ago.
Polkadot’s poor performance has also made this situation worse. Polkadot isn’t as active as it used to be on social media, and the company is getting even less stable. This could be why many investors don’t trust the coin anymore.
Even though Dogecoin seems to be doing well, investors are warned to be careful because meme currencies are known for being very unstable. Elon Musk and others who have changed the price of DOGE in the past could change how the currency moves with a new update.
Polkadot’s high value may be one reason for this since the blockchain puts a lot of weight on how well it works with other blockchains and how easy it is to switch between them. Fans of cryptocurrencies that use blockchain technology differ from Bitcoin and want this kind of feature a lot.
Polkadot uses a special technology called para chain that lets different chains connect without the help of a third party (BTC). Polkadot started a para chain auction on Friday, August 5, which is an example of this idea. Members of the DOT community also vote very enthusiastically for more improvements. The blockchain, built on connections, can grow and change even faster.
Even though Dogecoin (DOGE) and Shiba Inu (SHIB) are popular currencies with dog themes, many stops are still along the way. Dogecoin wants to go to the moon, and Shiba Inu wants to go to the sun. DOGE and SHIB are both meme currencies that try to outdo each other.
Based on how much money is in their markets, they are 11th and 12th. On Twitter, the same number of people follow both dog-themed coins. This shows that they try hard to see which dog is the best.
At the time this was written, one DOGE coin cost $0.070275. This shows that the price has increased by 2.7% in the last twenty-four hours. On the other hand, Shiba Inu (SHIB) is now worth $0.00001228. During the same period, it grew by 3.2% and made a slow but steady 5% profit every week.